Slides
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June 2025 Annual General Meeting
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2 01 Chair's Welcome and Call to Order 02 Appointment of Chair, Secretary and Scrutineers for the meeting 03 Notice of Meeting 04 Business of the Meeting Financial Statements and Auditors’ Report Election of Directors Appointment of Auditor Amendment to Deferred Share Incentive Plan 05 Conclusion of the Meeting 06 Chair’s Remarks 07 Management Presentation Agenda Dream Unlimited AGM 2025
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3 Joanne Ferstman Chair of the Board Dream Unlimited AGM 2025
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4 Meaghan Peloso Chief Financial Officer Dream Unlimited AGM 2025
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5 Note 1 - Western Canada Net Margin is a non-GAAP financial measure and Assets Under Management (or AUM) and Available Liquidity are supplementary financial measures, not standardized financial measures under IFRS Accounting Standards and might not be a comparable to similar measures disclosed by other issuers. Please refer to "Non-IFRS Measures and Other Disclosures" section of this presentation. Note 2 – From the Supplemental balance sheet as of March 31, 2025. $78 million of net margin1 $28 billion highest ever AUM1 $843 million of income properties and growing2 $157 million pre-tax gain related to the sale of Arapahoe Basin $367 million in available liquidity1 Dream Unlimited AGM 2025 2024 Highlights Highest earnings from Western Canada at
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6 Dream Unlimited AGM 2025 Key Segments Asset Management Western Canada Development Income Properties
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7 Income PropertiesDistillery DistrictMulti-family RentalsAsset Management4 Public Funds & 6 Private VehiclesWestern Canada Development8,700 acres in Saskatchewan and Alberta Corporate & OtherDream Group Unit HoldingsBoutique HotelsUrban Development Land Holdings Dream Unlimited AGM 2025 KEY SEGMENTS
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8Note 1 – From the Supplemental balance sheet as at March 31, 2025. Note 2 – As at March 31, 2025 presented on a standalone basis. Income Properties ~0.9 million sf commercial and retail GLA completed or in lease-up2 $843 million in assets1 1,100+ multi-family units completed or in lease-up2
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9Note 1 – Net Operating Income (or NOI) is a non-GAAP financial measure, not a standardized financial measure under IFRS Accounting Standards and might not be a comparable to similar measures disclosed by other issuers. Please refer to "Non-IFRS Measures and Other Disclosures" section of this presentation. NOI is presented on a standalone basis. $10.9 $12.7 $15.8 $16.7 $21.3 5 10 15 20 25 2020 2021 2022 2023 2024 Income Properties Growth in Net Operating Income1 ($M) Multi-family Rental Distillery District Other Retail/Commercial
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10 Brighton Village Centre, Saskatoon Mar-25 Balance1 Stabilized Value1 First Occupancy Multi-family Rental Units1 Commercial GFA1 Stabilized $648 $648 679 710,000 Completed & Under Lease-Up $140 $180 2024-2025 467 43,000 Under Construction $50 $390 2026-2027 675 113,000 2025 Construction Start $6 $136 2027-2028 324 13,000 Total Income Properties $843 $1,355 2,145 879,000 Odenak, Ottawa The Heron, Saskatoon Note 1 – At Dream’s standalone share. Future Pipeline of Income Properties Income Properties
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11Note 1 – Asset Management Net Margin is a non-GAAP financial measures and Assets Under Management (or AUM) and Fee-earning AUM are supplementary financial measures, not standardized financial measures under IFRS Accounting Standards and might not be a comparable to similar measures disclosed by other issuers. Please refer to "Non-IFRS Measures and Other Disclosures" section of this presentation. 0 200 400 600 800 1,000 1,200 1,400 Mar-2 5 Assets Stabilized Value $843 $1,355 Proforma Income Property Asset Balance1 ($M) Income Properties Stabilized Income Properties Completed and Under lease up 2025 Construction StartUnder Construction
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12Note 1 – Asset Management Net Margin is a non-GAAP financial measures and Assets Under Management (or AUM) and Fee-earning AUM are supplementary financial measures, not standardized financial measures under IFRS Accounting Standards and might not be a comparable to similar measures disclosed by other issuers. Please refer to "Non-IFRS Measures and Other Disclosures" section of this presentation. Asset Management $27.8 billion AUM1 $41.3 million 2024 net margin1 $20.5 billion fee-earning AUM1
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13 Publicly Traded and Private Vehicles 4 Publicly Traded Vehicles 6 Private Vehicles • Dream Summit Industrial JV • Dream Impact Fund • Dream U.S. Industrial Fund • Dream Europe Multi -Family • Dream U.S. Multi -Family JV • Dream Canadian Multi -Family JV $20.5 billion in fee-earning AUM1 Asset Management Note 1 – Refer to this presentation’s "Non-IFRS Measures and Other Disclosures" section for further details on this specified financial measure.
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14Note 1 – Refer to this presentation's "Non-IFRS Measures and Other Disclosures" section for further details on this specified financial measure. 0 5 10 15 20 25 30 199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025 $28 Growth in Assets Under Management1 ($B) Asset Management
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15Note 1 – Refer to this presentation's "Non-IFRS Measures and Other Disclosures" section for further details on this specified financial measure. $1.0 $1.0 $2.6 $4.9 $1.4 $2.6 $2.8 $10.1 $2.6 $2.5 $1.6 $8.6 $16.3 Q4 2013 Q4 2022 Q1 2025 Assets Under Management1 by Asset Class ($B) Asset Management Retail/Commercial Other DevelopmentResidential Rental Office Industrial $27.8 $17.7 $13.4
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16 17.0 24.0 39.1 40.8 9.9 15.1 9.4 5.2 5.5 12.5 16.7 28.7 10.1 18.5 0 10 20 30 40 50 60 70 80 2021 2022 2023 2024 Q1 2025 $M Dream has a demonstrated track record for growing our recurring fee streams Revenue by Fee Type ($M) Asset Management Base Fees Transaction Fees Incentive/Promo FeesDevelopment Fees $44.6 $50.1 $73.0 $74.9 $13.7 1.3 1.5 1.0
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17 26.0 18.6 4.5 11.5 32.4 4.8 0 10 20 30 40 50 60 2023 2024 Q1 2025 Net Margin by Contract Type1 ($M) Asset Management PrivatePublic $37.5 $51 $9.3 Note 1 – Net Margin by Contract Type is a non-GAAP financial measure, not a standardized financial measure under IFRS Accounting Standards and might not be a comparable to similar measures disclosed by other issuers. Please refer to "Non-IFRS Measures and Other Disclosures" section of this presentation.
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18 Western Canada Development ~8,700 acres in Western Canada $77.9 million 2024 net margin1 Note 1 – Refer to this presentation's "Non-IFRS Measures and Other Disclosures" section for further details on this specified financial measure.
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19 Our most valuable land positions include Brighton (Holmwood ) in Saskatoon and Alpine Park (Providence) in Calgary. Overview 3,019 acres Saskatoon, SK 3,224 acres Regina, SK 1,737 acres Calgary, AB 682 acres Edmonton, AB 8,700 acres of land available for development in Western Canada Brighton (Holmwood), Saskatoon Alpine Park (Providence), Calgary Western Canada Development
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20 p Brighton 510 acres t Holmwood 2700 acres t Stonebridge q Elk Point 151 acres p Kensington t Hampton Retail p Willows p Hampton Village t Arbor Creek Saskatoon Dream owns ~3,000 acres in Saskatoon. Brighton (Holmwood) is our most valuable position in Saskatoon with the community comprising over 50% market share. Western Canada Development Past Development Current Development Future Development
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21 Brighton 2015- 2026 Future Suburban Centre First ~270 acres in Neighbourhood 2 Future Business Park Approved $200M Joint- use School & Leisure Centre City of Saskatoon Civics Facilities Holmwood Regional Retail Holmwood Suburban Centre 1,100 acre development ~250 net commercial parcels 4,200 total dwellings 2024-36 buildout timeline Western Canada Development
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22 q Harbour Landing West t Harbour Landing t Eastbrook t Eastbrook North t Foxtail Grove p Coopertown p Lakeridge Regina Dream owns ~3,200 acres in Regina. We will be starting our new community called Coopertown (1,250 acres) in the next year. Western Canada Development Past Development Current Development Future Development
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23 Coopertown 1,250 acre development ~21,000 residents ~8,800 total dwellings 2025-45 buildout timeline Coopertown, Regina Western Canada Development
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24 Alpine Park, Providence Area Structure Plan Past Development Current Development Future Development 1,520 acres left for development 50,000 future residents ~1,720 acres total originally owned 30 minutes from Kananaskis (Rocky Mountains) 20 minutes from downtown Calgary Western Canada Development
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25 0 10 20 30 40 50 60 70 80 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Note 1 - Net margin in 2020 included the sale of 480-acres in Glacier Ridge and 2024 included the sale of an 80% interest in 146 acres in Edmonton. Historical Land Net Margin1 ($M) Western Canada Development Raw Acre Land SalesNet Operating Income
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26 0 20 40 60 80 100 120 140 160 2019 2020 2021 2022 2023 2024 Margin by Division ($M) Growing Margins from our Strongest Divisions Western Canada Development Asset ManagementWestern Canada Development Income Properties
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27 Corporate and Other 4+ million sf of density in urban development lands1 4 Dream Group entities Equity interest in 168 rooms across 3 boutique hotels Note 1 – As at March 31, 2025 at Dream’s standalone share.
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28 Boutique Hotel Portfolio 168 rooms 7 on-site food and beverage outlets 9,000 sf of dedicated event space 3 boutique hotels Corporate and Other
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29 Impact Fund 37.2% ownership 11.9% ownership 34.1% ownership 31.3% ownership Dream Group Unit Holdings1 6.9M units owned 2.3M units owned $61M book value 5.9M units owned Corporate and Other Note 1 – As at March 31, 2025.
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30 Urban Development – National Capital Region Zibi Odenak Note 1 – At Dream’s standalone share. 1.8 million sf of future density1 1,300+ residential units1 Corporate and Other
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31 Urban Development – Greater Toronto Area 2.3 million sf of future density1 2,300+ residential units1 31A ParliamentVictory Silos Canary Block 13 West Don Lands Block 20 Forma Brightwater Broadview & Eastern Riverside Square Main Street Townhomes Rutherford Contwo Corporate and Other Note 1 – At Dream’s standalone share.
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32 Michael Cooper Chief Responsible Officer Dream Unlimited AGM 2025
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33 33 Net Asset Value
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34 Between December 2021 and today, the value of our investments in Dream Office REIT, Dream Impact Trust, and our urban development land holdings in Toronto declined by over $600 million… Net Asset Value What happened to Toronto since 2021?
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35 0 5 10 15 20 25 30 35 40 45 Dec-21 Jun-23 Mar-2 5 Net Asset Value Value of our Key Segments ($ per share) Other SegmentsKey Segments
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36 Jun-23 Mar-25Dec-21 Net Asset Value Our core segments comprise a growing share of our NAV 48% of net asset value 70% of net asset value 82% of net asset value Key Segments Other Segments Asset ManagementWestern Canada Development Income Properties Urban DevelopmentDream Group Unit Holdings Other
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37 Western Canada Development Asset Management Income Properties Dream Group Unit Holdings Urban Development Other Mar-2 5 $52 NAV per share Net Asset Value March 31, 2025 NAV per Share1 Note 1 – Net Asset Value (or NAV) is a non-GAAP financial measures and NAV per share is a non-GAAP ratio, not standardized financial measures under IFRS Accounting Standards and might not be a comparable to similar measures disclosed by other issuers. Please refer to "Non-IFRS Measures and Other Disclosures" section of this presentation.
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38 Western Canada Development Asset Management Income Properties Mar-2 5 $52 NAV per share Net Asset Value March 31, 2025 NAV per Share1 $42 per share in our key segments Note 1 – Refer to this presentation's "Non-IFRS Measures and Other Disclosures" section for further details on this specified financial measure.
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39 0 10 20 30 40 50 60 Dec-2 1 Jun-23 Mar-25 33% discount to NAV 3 64% discount to NAV 4 65% discount to NAV 5 Note 1 – Refer to this presentation's "Non-IFRS Measures and Other Disclosures" section for further details on this specified financial measure. Note 2 – Prior December 31, 2021 net asset value has been adjusted to reflect current methodology for presentation of non-controlling interest. Note 3 – Trading price as of December 31, 2021 Note 4 – Trading price as of June 30, 2023 Note 5 – Trading price as of May 26, 2025. Net Asset Value Comparison of Historical Net Asset Value1 and Trading Price $572 $58 $52 Asset ManagementWestern Canada Development Income Properties Other Trading Price
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40 $57 ($14) $7 $5 $55 ($3) $52 0 10 20 30 40 50 60 2021 NAV Dream Group Unit Holdings & Urban Development Western Canada Development & Asset Management Retained Earnings and Other 2025 NAV before Dividends Dividends Distributed 2025 NAV after Dividends Net Asset Value Comparison of December 31, 2021 vs. March 31, 2025 NAV1 ($ per share) DecreaseIncrease Total Note 1 – Refer to this presentation's "Non-IFRS Measures and Other Disclosures" section for further details on this specified financial measure.
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41 $31 $12 $13 ($4) $52 Net Asset Value Continuity from March 31, 2025 Book Value1 to Net Asset Value2 ($ per share) DecreaseIncrease Total Standalone Book Value Western Canada Development Asset Management Dream Group Unit Holdings Net Asset Value Note 1 – Book Value and Book Value per Share are non-GAAP financial measures, not standardized financial measures under IFRS Accounting Standards and might not be a comparable to similar measures disclosed by other issuers. Please refer to "Non-IFRS Measures and Other Disclosures" section of this presentation. Note 2 – Refer to this presentation’s "Non-IFRS Measures and Other Disclosures" section for further details on this specified financial measure.
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42 Western Canada Development $20 Asset Management $14 Income Properties $8 Dream Group Unit Holdings $4 Urban Development $2 Corporate & Other $3 Key Segments Other Segments Net Asset Value Valuation Approach A sum of the parts valuation is the most appropriate approach to derive the net asset value of Dream’s unique business segments Illustrative valuation approach points to a NAV of $52 per share1 Note 1 – Refer to this presentation's "Non-IFRS Measures and Other Disclosures" section for further details on this specified financial measure.
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43 in $ millions unless stated otherwise Assets at Book Value1 Market Value Adjustment Assets at FMV Debt & Other Liabilities1 Net Asset Value3 NAV Per Share3 Western Canada Development $532.5 $520.0 $1,052.5 ($196.4) $856.2 $20.19 Asset Management $43.0 $552.2 $595.2 - $595.2 $14.03 Income Properties $843.2 - $843.2 ($501.6) $341.6 $8.06 Dream Group Unit Holdings $393.0 ($176.6) $216.5 ($56.0) $160.5 $3.78 Urban Development $360.7 - $360.7 ($259.6) $101.1 $2.38 Corporate & Other $562.4 - $562.4 ($426.6) $135.8 $3.20 Total $2,734.9 $895.7 $3,630.6 ($1,440.1) $2,190.4 $51.64 Note 1 – Supplemental balance sheet as of March 31, 2025. Note 2 – Trading price as of May 26, 2025. Note 3 – Refer to this presentation's "Non-IFRS Measures and Other Disclosures" section for further details on this specified financial measure. Net Asset Value March 31, 2025 Balance Sheet at Fair Market Value There is a lot of value not currently reflected on our balance sheet and trading price. Based on an illustrative and conservative sum of the parts valuation, we believe Dream is currently trading at a 65% discount relative to its NAV2.
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44 Our income property portfolio is growing rapidly with returns from income, attractive development returns, and continuing income growth Asset management will continue to grow from existing mandates with potential for new mandates that have a significant impact on earnings Continued growth in western Canada including commencing new communities and continuing to add our income properties with new rental developments that requires minimal new equity Prime urban developments in Toronto with low cost base and upside for development of apartments with government programs Dream group unit holdings reflect very low valuations with substantial upside should office revert even a little to the mean as well as development Dream Unlimited AGM 2025 Potential Upside
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45 Q&A
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46 Net Asset Value Alberta
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47 Net Asset Value Interprovincial Migration
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48 Appendix: Income Properties and Net Asset Value
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49 At 100% project -level At Dream’s Standalone Share Project City Type Status/type Dream Standalone Ownership Initial occupancy date Total Res. Units Commercial and Retail GFA Total Res. Units at Completion Total commercial & retail GLA Voda Ottawa Multi-family Completed and Under lease up 50% 2024 315 9,479 158 4,740 Brighton Towns on Delainey (Block 124) Saskatoon Multi-family Completed and Under lease up 100% 2024 95 — 95 — Cowessess Road (Block 166) Saskatoon Multi-family Completed and Under lease up 100% 2024 40 — 40 — The Teal (Block JK Townhome Rentals) Saskatoon Multi-family Completed and Under lease up 100% 2024 15 — 15 — Taube Avenue (Block 160 & 161) Saskatoon Multi-family Completed and Under lease up 100% 2025 20 — 20 — The Heron (Brighton Village Rentals III) Saskatoon Multi-family Completed and Under lease up 100% 2025 139 — 139 — Brighton Village Rentals IV Saskatoon Multi-family Under Construction 100% 2027 104 13,000 104 13,000 Alpine Block 28 Calgary Retail Under Construction 100% 2026 — 60,000 — 60,000 Brighton Retail Expansion Saskatoon Retail Under Construction 50% 2026 — 17,000 8,500 Alpine Park Block 4 Calgary Multi-family Under Construction 100% 2027 169 — 169 — Zibi Block 204 Ottawa Multi-family Under Construction 100% 2027 244 13,101 244 13,101 Odenak Ottawa Multi-family Under Construction 33% 2027 475 29,381 158 9,794 Block 129 TH Rental Saskatoon Multi-family 2025 Construction Start 100% 2026 86 — 86 — BVR 5 Apartment + TH Saskatoon Multi-family 2025 Construction Start 100% 2027 96 11,500 96 11,500 Zibi Block 1 Gatineau Multi-family 2025 Construction Start 50% 2028 227 2,569 114 1,285 Brighton Village Rentals Block 191 (SF) Saskatoon Multi-family 2025 Construction Start 100% 2027 28 — 28 — Total 2,053 156,030 1,465 121,920 Appendix Income Properties Underway(1) Note 1 – As of March 31, 2025.
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50 Appendix March 31, 2025 Balance Sheet at Fair Market Value in $ millions unless stated otherwise Assets at Book Value1 Market Value Adjustment Assets at FMV Debt & Other Liabilities1 Net Asset Value3 NAV Per Share3 Western Canada Development $532.5 $520.0 $1,052.5 ($196.4) $856.2 $20.19 Asset Management $43.0 $552.2 $595.2 — $595.2 $14.03 Income Properties $843.2 — $843.2 ($501.6) $341.6 $8.06 Dream Group Unit Holdings $393.0 ($176.6) $216.5 ($56.0) $160.5 $3.78 Urban Development $360.7 — $360.7 ($259.6) $101.1 $2.38 Corporate & Other $562.4 — $562.4 ($426.6) $135.8 $3.20 Total $2,734.8 $895.7 $3,630.5 ($1,440.1) $2,190.4 $51.64 There is a lot of value not currently reflected on our balance sheet and trading price. Based on an illustrative and conservative sum of the parts valuation, we believe Dream is currently trading at a 65% discount relative to its NAV2. Note 1 – Supplemental balance sheet as of March 31, 2025. Note 2 – Trading price as of May 26, 2025. Note 3 – Refer to this presentation's "Non-IFRS Measures and Other Disclosures" section for further details on this specified financial measure.
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51 In $ millions unless stated otherwise Acres Valuation Driver Valuation Methodology Asset at Book Value Market value adjustments Asset at Fair Market Value FMV Per Share Land held for development 8,376 $95,000 per acre $330.3 $465.4 $795.7 $18.76 Land under development 1.4x book value $136.5 $54.6 $191.1 $4.51 Other western Canada development assets $65.7 $65.7 $1.55 Total Assets $532.5 $520.0 $1,052.5 $24.82 Debt 1 ($196.4) ($196.4) ($4.63) Net Asset Value $336.1 $856.2 $20.19 Dream owns almost 8,700 acres of land in Saskatoon and Regina, Saskatchewan and Calgary and Edmonton, Alberta. These assets are held at a very low historic cost on the balance sheet and have an average acquisition year of 2011 and average purchase price of under $40,000 per acre. The current fair market value is in the range of $95,000-$120,000 per acre based on transactions, appraisals, and management’s view of intrinsic value. Note 1 – Debt includes 75% allocation of $225 million non-revolving term facility. Appendix Valuation Approach: Western Canada Development
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52 In $ millions unless stated otherwise Q1 2025 Margin Q1 2025 Net Margin Annualized Valuation Driver* Asset at Book Value Market Value Adjustment Asset at Fair Market Value FMV Per Share Public & private contracts $9.3 $37.2 16.0x $43.0 $552.2 $595.2 $14.03 Total Assets $43.0 $552.2 $595.2 $14.03 Debt — — — — Net Asset Value $43.0 $552.2 $595.2 $14.03 Dream has asset and development management contracts with the Dream group of companies and private ventures. There is a significant amount of value from theses contracts not reflected on our balance sheet. Our asset management agreements typically include incentives or promotes based on performance. Our contract with Dream Industrial REIT alone has $310.8 million of unrealized incentive fees as of March 31, 2025. Appendix Valuation Approach: Asset Management *Using a 16x multiple on net margin is similar to assuming: a) Half of the incentive fee related to DIR and a 12x multiple on net margin b) Full incentive fee related to DIR and 8x multiple on net margin
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53 In $ millions unless stated otherwise Units Owned Market Price per Unit2 Asset at Book Value3 Market Value Adjustment Trading Value Per Share Dream Office REIT 5.9M $17.79 $179.2 ($73.7) $105.5 $2.49 Dream Impact Trust 6.9M $3.00 $108.1 ($87.5) $20.6 $0.48 Dream Residential REIT 2.3M US$8.80 $44.9 ($15.3) $29.5 $0.70 Dream Impact Fund 5.8M — $60.9 — $60.9 $1.44 Total Assets $393.0 ($176.6) $216.5 $5.10 Debt 1 ($56.0) ($56.0) ($1.32) Net Asset Value $337.1 $160.5 $3.78 Note 1 – Debt includes 25% allocation of $225 million non-revolving term facility. Note 2 – Market price as of March 31, 2025. Note 3 – “Book value ” and “Book value per share ” represents shareholders’ equity per the adjusted standalone balance sheet and equity per the adjusted standalone balance sheet divided by the number of shares outstanding at the end of the period, respectively. These non-GAAP financial measures are important measures used by the Company as an indicator of the intrinsic value of the Company. We are using the trading price for the market value of our publicly traded securities which is an objective and conservative approach to come up with our NAV, providing additional value if the discount narrows, our value would increase. Appendix Valuation Approach: Dream Group Unit Holdings
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54 Appendix: Non-IFRS Measures and Other Disclosures
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55 Specified Financial Measures and Other Disclosures Throughout this presentation, there are references to certain non-GAAP financial measures and ratios and supplementary financial measures in respect of Dream, including: assets under management, fee earning assets under management, net operating income, net asset value and net asset value per share as well as other measures discussed elsewhere in this presentation, which management believes are relevant in assessing the economics of the business of Dream. These performance and other measures are not financial measures under GAAP 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. In addition to using financial measures determined in accordance with IFRS, we believe that important measures of operating performance include certain financial measures that are not defined under IFRS. Throughout the MD&A, there are references to certain non-GAAP measures and other specified financial measures, including those described below, 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 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. Appendix
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56 “Asset Management Revenue" represents recurring revenue, less revenue from investment properties and Dream Impact Trust & Consolidation and fair value adjustments. The most directly comparable financial measure to asset management revenue is recurring revenue. This non-GAAP measure is an important measure used by management to assess the profitability of the Company’s asset management business. Asset management revenue for the years ended December 31, 2021, 2022, 2023 and 2024 and for the three months ended March 31, 2025 are calculated and reconciled to recurring revenue as follows: Note 1 – See below 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. Appendix December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 March 31, 2025 Recurring Revenue 116,766 167,985 213,343 221,240 38,672 Less: Investment Properties Revenue (61,382) (104,349) (120,371) (126,459) (20,741) Less: Dream Impact Trust & Consolidation and fair value adjustments1 (10,784) (13,536) (19,972) (19,852) (4,184) Asset Management Revenue 44,600 50,100 73,000 74,929 13,747
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57 Asset Management Net Margin December 31, 2023 December 31, 2024 March 31, 2025 Net Operating Income (NOI)1 84,802 98,160 13,415 Less: Investment Properties NOI (41,208) (51,474) (6,574) Less: Dream Impact Trust & Consolidation and fair value adjustments1 (5,064) (5,386) (781) Asset Management Net Operating Income 38,530 41,300 6,060 Consists of: Public 25,990 18,550 4,470 Private 11,500 33,080 4,840 Development & Other NOI 1,040 (10,330) (3,250) 38,530 41,300 6,060 Appendix “Available liquidity" represents a non-GAAP measure. For Dream's definition of available liquidity, please refer to the slide titled 'Disclaimers - Specified Financial Measures and Other Disclosures - Dream". Available liquidity is not a standardized financial measure under GAAP and may not be comparable to similar measures disclosed by other issuers “Asset Management Net Operating Income" represents recurring net operating income, less net operating income from investment properties and Dream Impact Trust & Consolidation and fair value adjustments. The most directly comparable financial measure to asset management net operating income is recurring net operating income. This non-GAAP measure is an important measure used by management to assess the profitability of the Company’s asset management business. Asset management net operating income for the years ended December 31,2023 and 2024 and for the three months ended March 31, 2025 are calculated and reconciled to recurring net operating income as follows: "Assets under management ("AUM")" is the respective carrying value of gross assets managed by the Company on behalf of its clients, investors or partners under asset management agreements, development management agreements and/or management services agreements at 100% of the client’s total assets. All other investments are reflected at the Company's proportionate share of the investment's total assets without duplication. Assets under management is a measure of success against the competition and consists of growth or decline due to asset appreciation, changes in fair market value, acquisitions and dispositions, operations gains and losses, and inflows and outflows of capital. Assets under management may also be classified by asset class i.e. office, residential, industrial, development. Certain asset classes are held by multiple Dream entities. “Book value” and “Book value per share” represents shareholders’ equity per the adjusted standalone balance sheet and equity per the adjusted standalone balance sheet divided by the number of shares outstanding at the end of the period, respectively. These non-GAAP financial measures are important measures used by the Company as an indicator of the intrinsic value of the Company. Note 1 – See below 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.
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58 "Dream Impact Trust and consolidation and fair value adjustments" represent certain IFRS Accounting Standards adjustments required to reconcile Dream standalone and Dream Impact Trust results to the consolidated results. 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. "Dream standalone" represents the results of Dream, excluding the impact of Dream Impact Trust's consolidated results and adjustments to reflect Dream’s direct ownership of our partnerships. Refer to the "Segmented Assets and Liabilities" and "Segmented Statement of Earnings" sections of this MD&A for a reconciliation of Dream standalone to the results in the consolidated financial statements. 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. "Dream standalone adjustments" represents certain adjustments required to reflect the Company’s direct interest in net assets and earnings of our partnerships. 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. 1. Proportionately consolidates all material equity accounted investments held directly by Dream with the exception of our ownership in Dream Impact Trust, Dream Office REIT and Dream Residential REIT; 2. Adjusts for the full consolidation of our interest in Dream Impact Fund to equity accounted investments; and 3. Adjusts for the defeased portion of Distillery District mortgage debt and eliminates the associated bond portfolio/restricted cash. “Standalone Book Equity” is a non-GAAP financial measure that represents shareholders’ 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. “Standalone Book Equity per unit” is a non-GAAP ratio and is calculated as Standalone Book Shareholders’ Equity divided by the number of Class A subordinate voting shares and Class B common shares of Dream outstanding as of that date. Standalone Book Equity per unit as of March 31, 2025 is calculated below. “Investment Properties net operating income" represents recurring net operating income, less net operating income from asset management and recreational properties and Dream Impact Trust & Consolidation and fair value adjustments. The most directly comparable financial measure to net operating income for recurring asset income is gross margin. This non-GAAP measure is an important measure used by management to assess the profitability of the Company’s recurring income properties segment. Investment Properties Net Operating Income for the years ended December 31, 2020, 2021, 2022, 2023 and 2024 are calculated and reconciled to gross margin as follows: Note 1 – 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. Appendix December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 Recurring Net Operating Income (NOI)1 27,222 40,415 63,574 84,802 98,160 Less: Asset Management NOI (9,120) (18,160) (19,690) (38,530) (41,300) Less: Recreational Properties NOI (1,231) (7,596) (21,984) (20,995) (28,464) Less: Dream Impact Trust & Consolidation and fair value adjustments1 (5,971) (659) (2,200) (6,377) (6,696) Investment Properties Net Operating Income 10,900 14,000 19,700 18,900 21,700
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59 Net asset value per share: Note 1 - Refer to the "Non-GAAP Measures and Other Disclosures" section of the MD&A 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. Note 2 - 8,700 acres in Alberta & Saskatchewan (December 31, 2021 and June 30, 2023 - 9,000 acres) at an average fair value of $95,000/acre (December 31, 2021 and June 30, 2023 - $90,000/acre) for land held for development and a 1.4x multiple (December 31, 2021 and June 30, 2023 - 1.4x multiple) for land under development. Note 3 - Development lands and condominium inventory as of June 30, 2023 and December 31, 2021 include 1.5 million sf of density at our share in downtown Toronto with land valued at $180 psf for residential. Note 4 - Value of asset management business based on 16x multiple on net margin (December 31, 2021 and June 30, 2023 - 18x multiple). Note 5 - Units adjusted to trading price as of March 31, 2025 ($17.79 for Dream Office REIT, $3.00 for Dream Impact Trust and $12.65 for Dream Residential REIT); units adjusted to trading price as of June 30, 2023 ($12.94 for Dream Office REIT, $9.08 for Dream Impact Trust and $10.59 for Dream Residential REIT); units adjusted to trading price as of December 31, 2021 ($31.49 for Dream Office REIT and $33.00 for Dream Impact Trust) Appendix Net asset value "NAV" is a non-GAAP financial measure and represents the intrinsic value for the Company excluding the consolidation of Dream Impact Trust. 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, Dream Office REIT and Dream Residential REIT, and the fair value of our ski hill and asset management businesses. 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’s 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. The closest IFRS measure to NAV is shareholders’ equity. The table below provides the reconciliation of NAV to shareholders’ equity. “Net asset value per share” or “NAV per share” 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 March 31, 2025, June 30, 2023, and December 31, 2021 is calculated below. As at December 31, 2021 As at June 30, 2023 As at March 31, 2025 Consolidated Shareholders Equity $ 1,422,213 $ 1,509,354 $ 1,485,031 Less: Dream Impact Trust1 (536,931) (468,761) (395,641) Less: Consolidation and fair value adjustments1 301,991 275,647 205,346 Standalone Book Equity 1,187,273 1,316,240 1,294,736 Standalone Book Equity per unit 27.72 30.75 30.53 Recreational properties market value adjustment 105,514 162,493 - Land inventory market value adjustment2 385,500 475,765 520,050 Condominium inventory market value adjustment3 145,942 114,320 - Asset management market value adjustment4 532,153 634,008 552,250 Dream Group unit holdings market value adjustment5 89,025 (227,266) (176,600) Total market value adjustment 1,258,134 1,159,320 895,700 Net asset value 2,445,407 2,475,560 2,190,436 Shares issued and outstanding 42,836,031 42,801,680 42,414,563 Net asset value per share $ 57.09 $ 57.84 $ 51.64
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60 Asset Income Properties Asset Management Western Canada Subtotal - Key Segments Dream Group Holdings Urban Development Hotels Corporate & Other Subtotal - Corporate & Other Segments Dream Standalone 1 Less: Dream Impact Trust 1 Less: Consolidation and fair value adjustments 1 Consolidated Dream Investment properties $ 843,213 $ - $ - $ 843,213 $ - $ - $ - $ - $ - $ 843,213 $ 249,920 $ 767,674 $ 1,860,807 Recreational properties - - - - - - 83,203 2,262 85,465 85,465 - - 85,465 Land Inventory - - 477,750 477,750 - - - - - 477,750 - (8,230) 469,520 Housing Inventory - - 54,745 54,745 - - - - - 54,745 - - 54,745 Condominium Inventory - - - - - 360,708 - - 360,708 360,708 - (57,608) 303,100 Intangible - 43,000 - 43,000 - - - - - 43,000 - (43,000) - Dream Group Holdings 2 - - - - 393,037 - - - 393,037 393,037 - (393,037) - Other Assets 3 - - - - - - - 476,964 476,964 476,964 410,120 186,056 1,073,140 Total Assets 843,213 43,000 532,495 1,418,708 393,037 360,708 83,203 479,226 1,316,174 2,734,882 660,040 451,855 3,846,777 Liabilities - - Debt 501,590 - 196,376 697,966 55,958 259,645 59,573 - 375,176 1,073,142 272,790 524,510 1,870,442 Other Liabilities 3 - - - - - - - 367,004 367,004 367,004 (8,391) 132,691 491,304 Total Liabilities 501,590 - 196,376 697,966 55,958 259,645 59,573 367,004 742,180 1,440,146 264,399 657,201 2,361,746 Non -controlling interest - - - Standalone Book Equity 341,623 43,000 336,119 720,742 337,079 101,063 23,630 112,222 573,994 1,294,736 395,641 (205,346) 1,485,031 Total Equity 341,623 43,000 336,119 720,742 337,079 101,063 23,630 112,222 573,994 1,294,736 395,641 (205,346) 1,485,031 Total Units Outstanding 42,414,563 Standalone Book Equity per Share $ 8.06 $ 1.01 $ 7.93 $ 17.00 $ 7.95 $ 2.38 $ 0.56 $ 2.64 $ 13.53 $ 30.53 Total NAV Adjustments 552,250 520,050 1,072,300 (176,600) - (176,600) 895,700 Total Equity at FMV 341,623 595,250 856,169 1,793,042 160,479 101,063 23,630 112,222 397,394 2,190,436 Total Net Asset Value per Share $ 8.06 $ 14.03 $ 20.19 $ 42.28 $ 3.78 $ 2.38 $ 0.56 $ 2.64 $ 9.36 $ 51.64 Dream Standalone Balance sheet by Segment: Note 1 - Refer to the "Non-GAAP Measures and Other Disclosures" section of this MD&A 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. Note 2 - Dream Group Holdings contains investments in Dream Impact Trust, Dream Office REIT, Dream Residential REIT and Dream Impact Fund. The earnings (loss) is presented under share of earnings (loss) from equity accounted investments on the consolidated statement of earnings. Note 3 - Certain liabilities are included in Corporate and other as balances are reviewed on a consolidated basis. Appendix
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61 December 31, 2024 Development Net Margin1 64,218 Less: Urban Development 7,776 Less: Western Canada investment properties under development 2,651 Less: Dream Impact Trust & Consolidation and fair value adjustments1 3,240 Western Canada Net Margin 77,885 Note 1 – 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. “Proforma Income Property Asset Balance” is a non-GAAP financial measure that represents the projected value of income-producing property assets, including both current income properties on the balance sheet and those under development or expected to commence construction within the current fiscal year. Refer to Slide 10 for further details. “Western Canada Net Margin" represents development net margin, less net margin from urban development and Western Canada investment properties under development and Dream Impact Trust & Consolidation and fair value adjustments. The most directly comparable financial measure to Western Canada net margin is development net margin. This non-GAAP measure is an important measure used by management to assess the profitability of the Company’s Western Canada land and housing business. Western Canada Net Margin for the year ended December 31,2024 is calculated and reconciled to development net margin as follows: Appendix
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62 Forward -Looking Information This presentation 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: anticipated levels of development, asset management and other management fees in future periods; our development and redevelopment plans and proposals for current and future projects, including the quality of our assets, projected sizes (including number of units, dwellings, parcels and residents), density, timelines (including anticipated construction starts and occupancies), uses and tenants; our discount to NAV; the current market value of our lands in Western Canada; our market value adjustments; and the market value of our asset management contracts and the valuation multiple used to calculate fair market value. Forward-looking statements generally can be identified by words such as "objective", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "should", "could", "likely", "plan", "forecast", "project", "continue", "target", “outlook” or similar expressions suggesting future outcomes or events. 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’s 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; positive net migration; oil and gas commodity prices; our business strategy, including geographic focus; anticipated sales volumes; the performance of our underlying business segments; and conditions in the Western Canada land and housing market. Risks and uncertainties include, but are not limited to, general and local economic and business conditions; risks related to a potential economic slowdowns and the effect of inflation on market conditions; uncertainties surrounding public health crises and epidemics; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, war, terrorism or other acts of violence; international sanctions; the disruption of movement of goods and services across jurisdictions; inflation or stagflation; regulatory risks; mortgage and interest rate regulations; employment levels; environmental risks; consumer confidence; seasonality; adverse weather conditions; reliance on key clients and personnel; and competition. All forward-looking information in this presentation speaks as of the dates of this presentation. Dream does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR+ (www.SEDARplus.com). Appendix
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63 Non-IFRS Measures Dream’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this presentation, as a complement to results provided in accordance with IFRS, Dream discloses and discusses certain non-IFRS financial measures, including assets under management (AUM), net asset value (NAV), net operating income (NOI), as well as other measures discussed elsewhere in this presentation. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. Dream has presented such non-IFRS measures as Management believes they are relevant measures of our underlying operating performance and debt management.Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-IFRS measures included in this presentation have been incorporated by reference from the management’s discussion and analysis of Dream for the three months ended March 31, 2024, (the “MD&A for the first quarter of 2024”) and the and can be found under the section “Non-GAAP Measures and Other Disclosures”. The composition of non-IFRS financial measures and supplementary financial measures included in this presentation has been incorporated by reference from the MD&A for the first quarter of 2024 and can be found under the section “Non-GAAP Measures and Other Disclosures”. Non-IFRS financial measures and supplement should not be considered as alternatives to comparable metrics determined in accordance with IFRS as indicators of Dream’s performance, liquidity, cash flow and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to our MD&A for the three months ended March 31, 2024 available on SEDAR+ at www.sedarplus.com. Appendix
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64 Meaghan Peloso Chief Financial Officer T: 416.365.6322 E: mpeloso@dream.ca Kimberly Lefever Director , Investor Relations T: 416.365.6339 E: klefever@dream.ca Michael Cooper Chief Responsible Officer T: 416.365.5145 E: mcooper@dream.ca