Good afternoon. It's 2:00 P.M., and we will now call the meeting to order. My name is Joanne Ferstman, and I'm the Chair of the Board of Dream Unlimited Corp. Welcome to our annual meeting. I will act as chair of the meeting. Robert Hughes will act as secretary of the meeting. With the consent of the meeting, I appoint Daniela Munoz and Arlene Arellano of Computershare Investor Services Inc. as scrutineers of the meeting. We will first proceed with our formal business. To expedite the formal part of the meeting, Robert Hughes, a shareholder, will move, and Shannon Macri, a shareholder, will second all motions. After our formal business is concluded, our management team will make a brief presentation, and then there will be an opportunity to ask questions. Please hold questions that do not relate to the formal business of the meeting until that time. I have an affidavit from Computershare as to the mailing of the Notice of Availability of Proxy Materials in the form of proxies. Our circular and other meeting materials were made available through the Notice and Access system. I would ask the secretary to place the affidavit before the meeting and to keep the affidavit with the corporate records. The scrutineers have advised that there are at least two individuals present who are shareholders or who represent by proxy shareholders who hold at least 10% of the votes attached to all outstanding shares. As a result, we have a quorum, and I declare the meeting to be regularly called and properly constituted for the transaction of business. The first item of business is the presentation of the company's 2024 annual report, which contains the company's audited financial statements for 2024 and the reports of auditors thereon. I note that the secretary has placed before the meeting a copy of the 2024 annual report. The next item of business is the election of directors. As stated in our circular, two directors are to be elected at the meeting, and eight nominees are named. They are Michael Cooper, James Eaton, Gaitman, Jane Gavin, Duncan Jackman, Jennifer Lee Kass, Mackenzei Farah, and myself. Rob, will you please propose a nominee to election? I nominate the individuals listed in the management information circular dated April 17, 2025, for election as directors of the company to hold office for the upcoming term. I second the motion. Thank you. Are there any further nominations? Seeing no further nominations, I declare the nominations closed. Are there any questions on this motion? Seeing none, based on the proxies received, I would mention that each of the eight nominees received a majority of votes cast in favor of their election as director. After the meeting, we will issue a press release with detailed voting results. Given the proxies received and as the number of persons nominated for election as director is equal to the number of directors to be elected, I propose that the consent of the meeting not to take a formal vote on the election of directors. Therefore, I confirm that the motion has been carried and the eight persons who were nominated have been elected as directors by acclamation. The next item of business is the appointment of auditors. The audit committee and the board have recommended the reappointment of PricewaterhouseCoopers LLP, Chartered Professional Accountants as auditors. Can I have a motion? I move that PricewaterhouseCoopers LLP be appointed auditors of the company and its subsidiaries for the ensuing year, and that the board of directors be authorized to keep their remuneration. I second the motion. Are there any questions on this motion? The meeting will now vote on the motion. I propose we take the vote by a show of hands. I would ask those registered shareholders and duly appointed proxy holders who are in favor of the motion to please raise your hand. Any votes withheld? The motion is carried. PricewaterhouseCoopers LLP has been reappointed as auditors and directors authorized to keep their remuneration. The next item of business is to vote on a resolution authorizing amendments to the company's Deferred Share Incentive Plan to increase the number of deferred share units and income deferred share units that may be granted or credited under the plan by a further 300,000 units. Can I have a motion, please? I move to approve the resolution amending the Deferred Share Incentive Plan as set out on page 21 of the company's management information circular. I second the motion. Thank you. Are there any questions on this motion? I have been advised by the scrutineer that a majority of the proxies received by management prior to the meeting have been voted and that more than 50% of the proxies received by management prior to the meeting for the units have been voted for the preferred share incentive plan amendment resolution. Therefore, I propose to take the vote by a show of hands. I would ask those registered shareholders and duly appointed proxy holders who are in favor of the motion to please raise your hand. Thank you. Any contrary? The motion is carried. I declare that the resolution in the company's management information circular relating to the amendment of the company's D eferred Share Incentive Plan to increase the number of deferred share units and income deferred share units granted under the plan is approved. The formal items of business as set out in the notice of meeting have now been held. As there is no further business to come before this meeting, I declare the formal part of the meeting to be concluded and the formal meeting adjourned. I now invite management to make a short presentation, and after the presentation, we will have a question period. Thank you. Good afternoon, everyone. Thank you for joining us today. As part of the presentation, we'd like to quickly speak to 2024 highlights and then shift gears to actually provide a more fulsome investor update. With that said, I will jump right into it. In many ways, 2024 was a great year for the company. Our Western Canada Land division had its highest level of earnings since going public, generating CAD 78 million in margin across our operating cities. Our asset management division also had a great year of solid earnings and steady expansion as we saw AUM increase by approximately CAD 2 billion year over year. Late in 2024, we closed on the sale of the Arapahoe Basin, our former ski hill in Colorado. The sale generated CAD 157 million in pre-tax earnings and was a significant transaction for us as we had owned the asset since 1997. The proceeds from the sale were largely used to repay debt and fund the special interest of shareholders. We ended the year with CAD 367 million in available liquidity, which positioned us very well going into 2025. Our business has certainly been evolving as decisions have grown and the markets in which we operate have changed. In light of this, we've been working on simplifying our disclosures to better reflect how we think of the company and its value. As we work towards providing more useful information to investors and stakeholders, we intend to present our quarterly results in line with the following segments: income properties, asset management, Western Canada development, which are really considered our three core or key segments, and corporate and other. I'll walk you through the components of each. Returning the mic to Michael. As of March 31, we had CAD 843 million in income properties on Dream's balance sheet. This reflects only our direct ownership in assets such as the Distillery District, apartments, and retail and commercial assets in our master plan communities. Over the last five years, we've seen steady growth in the segment, especially new apartments owned in 2020. Fast forward to today, that asset class has grown significantly with a strong pipeline of future additions well underway. Of the CAD 843 million on balance sheet, roughly three-quarters would be considered stabilized today, representing about 680 units, with the remaining balance being at lease-up or under construction. In Western Canada, we're typically developing or building to a 60% deal and an IRR in the high teens. In the National Capital Region, we are typically building to a degree of mid to high fours, although those assets are usually built with a CLP debt, which we consider in the low-three-month average. We typically expect IRRs in this region to be in the mid-teens over a 10-year development hold period. Once we complete the projects we currently have under construction and move forward with our anticipated 2025 start, we estimate that this will add another CAD 500 million in asset value to our income properties, and that represents just over 2,100 units on completion within the next two to three years. In the appendix to the presentation, we have included some of the details on what comprises this balance. Moving on to asset management. Moving on to asset management, in 2024, we generated net margin of CAD 41.3 million in the segment, which included CAD 18.5 million in performance related fees. We managed CAD 20.5 million in key earning assets across four publicly traded vehicles and across six private vehicles. In aggregate, we're now managing just shy of CAD 28 billion in asset management, which is the highest in the company's history. In more recent years, our AUM growth has been largely driven by the investment vehicles, although we've seen good growth from the residential sector as well. The third component of our key segment is Western Canada development. The segment is made up of 8,700 acres across four cities, with what we consider our marquee land holdings to be Homewood in Saskatoon and Alpine Park in Calgary. From a macro perspective, Western Canada is in great shape and has benefited from a shift in population due to its affordability. We've made significant purchases over the years, and now most of our lands are actually zoned. We're currently active in three communities in Saskatoon: Hampton Village, The Willows, and Graton. You can see Homewood's located within the east end of the map in front of you, which has about half the market share of the city. Now, within Homewood itself, we have seven communities. Graton has been under active development since 2015, and we look forward to starting the first 270 acres in Neighborhood 2 this year. Unlike typical neighborhoods, we plan to be active in multiple areas at a time, including the high school to the south, the regional retail to the north, and the residential in the middle of the development. In Regina, we currently own 3,200 acres with eastern chain our only active development today. However, we expect to bring Cooper Town online within the next year, as we anticipate getting approval of infrastructure financing towards the summer or over the summer, and we'll look to start lot pre-sales towards the end of 2025. The last community I'll speak to today is Alpine Park. Of the total 650 acres of development site to the east, only the orange sections are currently being developed, and we've committed CAD 93 million to fund infrastructure servicing. We've mostly completed our first 140 acres of single-family homes and are now very active in Area 2, which includes retail, rentals, and a commercial node. In 2024, Alpine Park won the National Award for Best Growing Community, which is something that we are very proud of. Now, as I mentioned earlier, Western Canada development had the highest level of profit since going public, and we are very much on track for another solid year of earnings in 2025 with CAD 160 million in revenue committed as part of our pre-sales efforts as of the last reporting period. Now, the fourth segment is what we were referring to as corporate and renters. It is made up of three boutique pre-war era heritage hotels located in the DTA. Our equity ownership is Dream Office, Dream Impact Trust, the Impact Fund, as well as Dream Residential REIT, as well as our land holdings in the National Capital Region are more significant than others. We've also included our DTA land holdings in this segment, which isn't as significant as it's been historically, as we've completed development in newer DTA land holdings such as Keystone are actually owned by one of the other Dream people. With that, I will pass it over to Michael to talk through our company's perspective on that. That was Meaghan setting me up there. I think what we are trying to do is focus on the real drivers of our business and try to simplify it. We provided investors with a net asset valuation company probably about every 18 months. We need a little bit of reasonable time to go by to sort of see what things are worth, and we are going to present the current net asset value and compare it back to the end of 2021. You have heard five companies present today for people who have been listening. The Impact Trust has been harmed with what has happened in housing in Toronto. It is about 85% Toronto. Our condominiums have almost come to a stop. Construction costs went way up. It is really a brutal business to be in. I mentioned earlier there's been 20 bankruptcies a month in the residential sector in Toronto, and that's a massive amount. There's tremendous arrears, and it has been brutal to manage my company and try to make the most out of it, but we've been working a lot with the federal government and the city to create opportunities to build apartments that make decent returns. The idea that everybody understands housing, that one the stock has performed terribly, and it's clearly something that Dream Unlimited is well known for. Another thing is that the office sector has done very poorly. Our company, I think, has done a good job. It's pretty brutal because in 2016 and 2019, we sold CAD 11 billion of a profit building, so we got that right. We made CAD 510 million of profit selling Dream Global, so that was pretty good. Of the properties we sold, we sold the ones that we did not like as much. We kept the best ones. We wanted to have a boutique portfolio of excellent assets, and those things are off 75% since then. Office has obviously gotten a lot of people's attention, work from home, everything with COVID. I think maybe our company has been seen more for the things that are not going as well. Today, I thought we would talk a little bit about both what is going well and what is not. We are going to focus on net asset value. I figured let's put it up front. Dream Office, as I said, is 85% Toronto. Dream Impact Trust, which is 85% Toronto, and some of the lands we own in Toronto altogether have diminished in value from December 31, 2021 by CAD 600 million for 25% of the value of the company. That has been painful for the management team to manage and painful financially for the shareholders as well as for management. The line that goes down, that would be basically our other segments. What we do not talk about too much is the orange line, which has gone up almost as much as office and housing has gone down. Housing in Toronto. This slide was really a tie-opener because we can talk about Western Canada asset management and income properties. It was driving the business. We have done that for years now, and you can see that in three and a half years, or actually three years and one quarter, or maybe that is 13 quarters, these three years have gone from 48% of the company to 82%. And as Meaghan mentioned, each of Western Canada asset management income properties have a lot of growth built in. In the other portion, it's down 18%, and I think we got it here. Today, our net asset value is about CAD 52, and you can see Western Canada, the green, the blue, and the orange are the largest components. When we put those three areas together, that's CAD 42 of the CAD 52 a share of value. I think that's dissonance where all this discussion is about a small portion of the CAD 10, and I think we've been focused on the CAD 42. This is an interesting comparison of the three time periods. The stock value has been at CAD 57, CAD 58 about 18 months later. Now it's at CAD 52. You can see the gray, which is the corporate and other, has really gotten a lot smaller. Everything else has gotten bigger. We also superimpose the stock price, which has been as high as over 90% of the NAV to as low as it is today, which is about 35% of the NAV. I do think that the Canadian stock market is impaired. Somebody asked me about something a few days ago with the data NVIDIA was reporting, and I mentioned that even after the stock market is closed when NVIDIA reports, in the first 10 minutes of trading, it should probably be about 30 times bigger than the entire market cap of the Canadian real estate industry. Ten minutes when it is closed. It is just massive. We have about CAD 30 billion to pay, and more obviously when they do the results, but it is really hard to get investors' attention. Canada kind of pissed off most countries in the world, so it's hard to get their support, and now we've got all this stuff going on. I think it's pretty tough. We're focused on we want a better stock price. That's why we're trying to communicate all this information on a regular basis, but really we're focused on how to make something more valuable. This is sort of a walk from the difference in values. The CAD 14 is about 25% of the 57 we had at the end of 2021. We've increased the value of Western Canada asset management by about CAD 7 and retained earnings and others up about 5. We've got us to 55. During that time, we paid out a couple of special dividends and normal dividends, which is CAD 3, so we kind of went from 57 to 55 based on operations. We returned CAD 3 per shareholder, and that gets us to 52. This looks way more borrowing than losing CAD 600 million in Toronto. That's all I'm saying. This is from the book value, and I'll show you in a second. It's basically Western Canada continues to perform well. It's worth CAD 12 more a share than the book value. Land is held at historic costs. Income properties are held at fair value. That would not be here. And the asset management is also held at historic costs at 68 rental units in 2020. Now I think we've got, what is it, 2,100 we're working on? Now, that was an amazing number. CAD 1,364 million, I think, was income properties, and it's going up to CAD 500 million over the next three years. I think with the clip we're going to continue, which is probably adding about CAD 150 million, but the income property section is going to be a huge contributor to the value of the company. The other thing that was so interesting in what Meaghan was saying was that CAD 500 million is either in lease up, it's finishing this year or next year, or we're starting it this year. Now, we're going to start more next year. In Western Canada, what we're doing in that beautiful community in Saskatoon called Graton, which our loan has over 50% market share, we have not been selling any land to people who have built properties or rent. We keep it ourselves. Every year we build about 40 or 50 single-family rental, we build between 50 and 100 townhouse rental, and we build between 125 and 250 units, that is one or two apartment buildings. That adds up pretty quick. Today is June 3rd. Two days ago, we had the first occupancies in our third apartment building, and I believe as of the first day we are open, is it the third? What does that mean? 34. 39 units out of 125 units. Our lease is daily open. It is a good business, so we are trying to continue to add. Now, the issue we face here, which is a little bit different than other places, is if we are doing, let us say, 250 units there and we are selling 250 or 300 lots, that is 550. How much tax do you think we started last year? 1,500 or 1,400? Yeah. We are kind of we do not want to get too far ahead of ourselves. The demand is really good. We put so much money into our communities. Our communities are where people want to live, and by building the rentals, we get to capitalize on it. I have said this before, and it does not sound like much, but the provincial government agreed to build a public elementary school and a public high school and a Catholic elementary school and a Catholic high school right where we go to next, which is the Homewood Suburban Community because we are finished the first community of Graton. And Hawaii is also going to build a significant—I want to say significant. It is going to be the most significant education center, high school, public school, everything that is in Saskatoon. It's going to have 3,400 students, and we own every piece of land within a mile of the school. We're going to keep building apartments and stuff like that. I think the income property division is going to continue to grow. Just the way things flow out, so much of our income properties are in Western Canada. We're starting in Calgary and Alpine Park where we're going to try to continue the same type of building of anything that we can rent and be the only ones. It's a pretty good business. We may start in Regina in the next couple of years. We're doing some in Ottawa. We do not currently have a lot of income properties that we're building in Toronto. We've got the Distillery District and some retail to do with some of our condos, but the business is pretty balanced. As Meaghan mentioned, in the appendix, there's a lot of information because we're required to sort of show how we one number gets to another. This is just showing that. The The book value is on the left. The market value adjusted is really simple now. It's about CAD 520 million for the land and housing for Western Canada. The asset because that one was held at the book. Just as an example, Meaghan showed Alpine Park, which would have been on the right-hand side of your screen, and there was some of it was orange and some of it was blue. The left-hand side was all blue. It's 1,000 acres of land that we bought for CAD 30 million, which is about 70 cents a share. Today, it probably was 4 bucks a share. If we could develop it today, we're 10 bucks a share. If it's selling in the next 15 years, at that point, it's probably going to be worth about CAD 25 a share. Just that one site. We have nuggets everywhere, but that one is just an amazing community. We started buying—I said it's on our books at CAD 30,000 an acre. Today, it's worth CAD 150,000. It'll be worth CAD 1 million. On the other side of it, it's worth CAD 380,000. Today, it's on our books at CAD 82,000 an acre. That's why we have so much increase in market value. A lot of the land at Alpine Park that we're building now is up to 19,000 acres. It's worth CAD 380,000 an acre of raw land, and we're selling it at CAD 2 million an acre. Asset management, this is just a function of the income we get, but they've been incentives, and it's a big gain. On the Dream units, what we are showing is that minus CAD 176 million. For our net asset value, we just use what the stock is trading at. We do not use the underlying value. We are using that. It is just what the stock trades at. The difference is basically positive with Western Canada and asset management. Negative is Dream Group properties, is the stocks. The income properties are at fair value because that is how you do the accounting. That gets us to CAD 5,164 million. I started with what has gone wrong and how brutal it has been. I just want to speak a little bit about what is good. I think our income properties are going to do exceptionally well. We are building in Western Canada with almost no equity because we own the land. On a building that costs CAD 30 million, we are probably making CAD 5 million or CAD 6 million. These little buildings probably make over CAD 2 million a year in NOI. Our interest costs, which we finance out everything, including our land cost, is CAD 1 million. So we get CAD 1 million of income. Every year we get a couple—that is just one building. Now we do equal to three buildings. Each year we should get an extra CAD 3 million a year in cash. If we keep growing at 3% a year, everything we got grows. That CAD 800 million should grow at 3% a year. That should actually add another CAD 25 million. Three years out, when we get to CAD 1.4 billion, that should grow at 3% a year. That should add another CAD 42 million. The income property, we think, is going to be a real driver of the future. The asset management, all the mandates we have, we're growing within those mandates, whether it's investment development or growing some of the buildings that we're building. What really moves the needle is as we get new mandates. I mentioned earlier, we have a lot of people working on it. We've had some success. We're working on a lot of new ideas now. Never know when it's going to happen, but we think asset management has a really good shot at being worth a lot more in the future than it is today. Western Canada, from 1994 to 2013, Western Canada profits from that business paid for everything this company did. In 2013, it went down. Oil went down to CAD 10 a barrel, and we called it hibernation. Western Canada went to hibernation from 2014 to 2020. During that time, we tried to get worth the capital down. We spent over CAD 50 million a year, and that was in a really low time. During that time, actually, Toronto looked good, and now it's reversed, and Western Canada's got legs to grow. Going to the other parts of the business, by using the stock price for Dream Impact and other ways that we've looked at our assets, we've got a very low implied value for the land we own. Toronto is a great city. If we can get our act together, I think we can get the interest rate we need to build out more. We're going to get very good prices for our land in terms of how we develop it. The projects can be quite profitable, so we think there's a lot upside there. Obviously, downtown, I find downtown to be full of people, full of great things to do. Busier on the weekend during the week, as Gordon said, it's getting busier during the week. We're seeing increases in occupancy. It looks a little bit better. We think there's lots of good stuff in office. Put it all together, there's a lot of blood, sweat, and tears that go into every year. On average, it's going pretty well. Are there any questions? Yes, sir. What would my top tip be on selling off? How much are you holding of these properties? Oh, that's a great question. 15% we keep. Go 15%. I feel like Jose is like the music keeper who just says, "Yeah," like on all the talk shows. Yeah. Thanks, Jose. Any other questions? I want to show two slides. I was looking at this this morning, and I thought they were really interesting when you think about how this country works. This one is just mind-boggling. This is just for profits. How much they pay to Ottawa? How much they get back? This is from 2007 to 2022. Quebec has gotten CAD 347 billion more than they spent. That's a lot of money they're getting. Look at Calgary. Look at Alberta. They're a wee little province. They've got under 5 million people. They've got 4.3 million people. I can see why they're feeling like, "Why don't you let us make some more money? We'll pay you more. Let us make some more money." I think that this is the kind of thing that in Eastern Canada, people aren't thinking about that much. Here I thought the next chart is 25-40-year-olds that live in Canada and what the movement is like for profits. Okay. I'll give you the answer. The answer is everybody is moving to Alberta. A couple moved to New Brunswick. Alberta has 4.3 million people. British Columbia is over 5 million people. 4.3 million to 5 million. In 2022, British Columbia had 3.7 million and grew to 5 million. It's up about 30%. Alberta grew by well more than 50%. Alberta is going to surpass British Columbia within the next 10-15 years in population. RBC put out a report a few months ago, right, Jose? They said that in 2024, the prairies, Alberta, Saskatchewan, and Manitoba, 6.5 million people in total, had higher GDP than Ontario with 14.5 million people. We've got incredible land in Western Canada. I think it's going to be on fire. I think it's got a lot of strength. I think Danielle Smith is the opposition leader in the country currently. I agree with everything she's trying to achieve, regardless of how they do it. Politics, as we know, isn't the neatest thing. It's often messy. I think it's in our benefit for everybody to be thoughtful about what the West is going through and the push to help them literally pay for our hospitals, our education, and everything else because that's a whack of money they're spending. Are there any other questions? I know your pencil says all the things I was talking about. Are there any other questions? I just want to give the award for plenty of comments in five meetings today to Joanne, who started by saying, "I am acting as chairman." Joanne has never gone to a meeting where she did not act as chairman. Thank you, Joanne. Thank you, everybody. I am looking forward to having something to talk about next year. Thanks.