Good morning, ladies and gentlemen. Welcome to the Dream Unlimited Corp. Second Quarter 2025 Conference Call for Wednesday, August 13th, 2025. During this call, management of Dream Unlimited Corp. may make statements containing forward-looking information within the meaning of the applicable securities legislation. 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 Unlimited Corp.'s control that can cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Additional information about these assumptions and risks and uncertainties are contained in Dream Unlimited Corp.'s filings with the securities regulators, including its latest annual information form and MD&A. These filings are also available on Dream Unlimited Corp.'s website at www.dream.ca. Later in the presentation, we will have a question- and- answer session. To join the question queue, you may press Star then one on your telephone keypad. Your host for today will be Mr. Michael Cooper, CRO of Dream Unlimited Corp. Mr. Cooper, please go ahead. Thank you, operator, and good morning to everybody. Today I'm with Meaghan Peloso, who will provide a CFO report, cut some comments on the financials in a few minutes. I'm going to start with a little bit of an overview of the business, and afterwards, I thought I would try to connect the dots on what the financial benefits are of what we've been doing this year. In the press release, we referred to the approval of 1,200 acres of land in Regina, which is a big deal. This is land that we've been accumulating over years. We have a lot of holdings in Regina. In Regina, many years ago, maybe 10 years ago, they had a heavy storm, and it was obvious that they didn't have enough storm sewers. A lot of this has been corrected, and the infrastructure is going to be in place to start this community. It'll probably take us 20 years to build out the 1,200 acres, but once we get going, it'll be a pretty steady addition to our activity in Western Canada. In Saskatoon, similarly, we've made a lot of progress on Homewood. Homewood is 1,100 acres. I think we're going to go through it faster than Cooper Town in Regina. We've got a school site that we've referred to a couple of times that's going to have 3,400 students, and that's going to get going in 2026. In addition to that, we sold some commercial land. We have a couple hundred acres of commercial in that 1,100 acres. We've got the first 27 sold, which is going to be a game changer for the speed that we get through the land on the northwest part of that development. We've already got further calls from potential buyers of other land in the commercial. What we're going to do is we're going to start with the school site and the commercial, and both are going to grow at the same time. I think it's going to lead to us getting through a lot of land relatively quickly, which would produce a lot more profits in the next number of years. Those are major, major advancements for the company. In Alpine Park in Calgary, not major changes, but we're advancing very well and a good absorption there overall and great pricing for homes, great pricing for the land. We're getting through the 200 acres that we put $93 million in starting 18 months ago, which was the biggest amount of money we've committed to front-ending in the history of the company. It was a very difficult time to commit that money, but that's proving to be money very well spent. We've got those three communities that look like they're going to continue for many years to produce income. I think it's going to lift the income that we generate from Western Canada. We talk about our three segments: Western Canada, income properties, and asset management. Western Canada is shaping up really well to produce increasing income over the future years. On the income properties, we're getting close to 1,000 units, which are completed or under development, with most of them finishing by 2026. That's up from like 69 units seven years ago. That's been a huge change. We're now building most of the things that we do out there, average about 125 units per building. It looks like we're starting to start three a year. I think that's going to be a pretty consistent pattern. It's going to add up quite a bit. Our income properties in Western Canada, we're building to a six-cap financing. We just did some financing now between 3.6% and 3.7%. There's a good margin. We're still continuing to see good growth. I think that Western Canada land will do well. I think our income properties in Western Canada will do well and will do well predictably and will grow quickly. Income properties in Ontario, we got the Distillery District, which is also doing very well. Some of the purpose-built rental, the value-add is doing pretty good. We're getting more turnover. Rental rates have softened in Ontario. Overall, the income properties are doing quite well, led by what we're doing in Western Canada and the Distillery District. Our asset management is up $2.5 billion of assets since prior years. There what we're looking at doing is increasing the assets under management and increasing the margin. Overall, we're thinking the better days are ahead. Those are the three major areas of our business. It looks in other, which is sort of where we have this, other things, obviously. We've got the office REIT, which looks like it's getting better. Dream Impact Trust, which has some of the most innovative and desirable assets in the whole company, has been struggling in the stock market. It's at the epicenter of some of the issues around the housing crisis and trying to get land into development, which we're making good success at, but it's working very poorly in the stock market. We're focused on continuing to grow the assets, but it's not a big part of Dream's value, though it's a very important part. We have three hotels; two are doing great, one just opened and we're working through that. We have three sites that are great. We have one adjacent to the Distillery District that will become part of the Distillery District. It's been held up because of the Ontario Line. We have one, the last site at Canaria, which is a great site. You can't start it now, but it's wonderful. We got that as part of doing the Panama Athletes Village, so our cost is really just an allocated amount. We also have Broadview and Eastern, which is about 100 meters north of the new East Harbour GO and subway station for the Ontario Line. All of our sites are improved by the Ontario Line. We're not really doing much on it. The interest costs aren't much, but there will be future growth. Going back to the beginning, the majority of the business, the vast majority of the business value and cash is coming out of Western Canada income properties and asset management, all of which are trending better. Meaghan, would you like to say a few words? Sure. Thanks, Michael. Good morning, everyone. With our second quarter results, we've introduced new segment reporting, which is largely in line with how we presented our results as part of our AGM presentation back in June. With the changes we've made, we think it better reflects how we view and manage the business, and we'll continue to work on simplifying disclosures to make them easier to understand. Overall, it was a fairly quiet quarter results-wise, which was in line with our expectations as most of our income will be back-ended this year. I'll walk you through our segmented results and explain how we presented them at a very high level. We presented operational results under the four main headers: asset management, income properties, Western Canada development, and other investments. Within our asset management segment, we've included all of our public-private contracts across the Dream vehicles, which includes the four public vehicles and the six private funds. In the second quarter, the company recognized revenue and net margin of $11.6 million and $6.9 million, respectively, compared to $27.5 million and $22.8 million in the prior year. The comparative figures included performance fees of nearly $16 million related to the Dream US Industrial Fund. Any type of performance or transactional fee typically fluctuates period to period based on the specific contract and milestone that's being achieved. Our income property division includes all of the apartments, retail, and commercial we hold in our master-planned communities, as well as in downtown Toronto, such as the Distillery District. As of June 30th, we had $883 million of income properties on Dream's standalone balance sheet, reflecting only our direct ownership. In the second quarter, income properties generated a revenue of $12.2 million and an NOI of $6.8 million, up slightly from prior year, largely due to the ongoing lease-up of our purpose-built rentals. With a strong pipeline of apartments under construction today, we expect earnings from the segment to grow as buildings are completed and reach stabilization. Our Western Canada development segment relates to our land and housing division in Alberta and Saskatchewan. In the quarter, we achieved 44 lot sales and 19 housing occupancies, generating a net margin of $1.1 million. Prior year results included the sale of 146 acres of land in Edmonton, which generated a revenue of $39.5 million and a net margin of $28.1 million. Excluding the sale, margin was actually relatively in line with prior year, though, because of the product mix sold in each respective period. Land development typically has a seasonality component to it, and similar to other years, we expect most of our income from Western Canada to be back-ended in 2025. Lastly, our other investment segment is where we carry unit holdings in Dream Office, Dream Impact Trust, and the Impact Fund, as well as Dream Residential REIT. We also present our land holdings in Toronto and the National Capital Region, more specifically ZB and Odanak, and the associated G&A costs for our Eastern Canada development team. In the comparative period, we also included operating results from May Basin, our former ski home, which was sold at the end of 2024. This segment generated $14.8 million in revenue and $4.5 million of negative net margin in the second quarter. Fluctuations in revenue and earnings year over year were driven by earnings from the ski hill and condo occupancies from IVY and Phase Two of Riverside last year. Effective with our Q2 reporting, we've also started to fair value our unit holdings in the Dream entities in our standalone results. Previously, this would have been an adjustment to get from book equity to NAV. P&L results for this segment would also have included a fair value adjustment for the units in the respective quarters. Lastly, we ended the year with $345 million of liquidity and very modest near-term debt maturities, positioning us very well for the remainder of the year. With that said, I'd be happy to answer any specific segment presentation questions offline once everyone's had time to actually digest the information. Please don't hesitate to reach out. With that, I'll turn the call back over to Michael. Thank you, Meaghan. When I was looking at this quarter's results, last year we had a lot of activity in Western Canada. We had some joint ventures. We had an incentive fee and asset management. We had a really strong first quarter. We actually had a very strong year last year. This year, it's more weighted towards the end of the year. I thought maybe I could express to you when I look at the company, I try to understand it over the longer term and use it to guide how I think we're doing. I don't know if interested parties will find it interesting or helpful, but I thought I might as well try. Here goes. We mentioned in the supplementary materials we have another 500 acres in Alpine Park. That 500 acres, our length is going to take about 10 years. Right now, between profit and the cash we get from the book value of the land, we're getting over $700,000 an acre. That's about $350 million over 10 years. Over that 10 years, we should be looking at $35 million a year from Alpine Park. Homewood, we've been talking about it. I talked about it just before. It's 1,100 acres. I wouldn't be surprised if it's 15 years or so to get through it. There, we're getting over $300,000 an acre in land profit and profit plus the land. That's about $330 million, but at 15 years, that's about $22 million a year. Now with Coopert own, it should be a little lower, but still around $300,000 an acre. 1,200 acres is about $360 million. We said there that it's going to take about 20 years, so that's about $18 million. These just these three active developments should average maybe $75 million. I'm using constant dollars, very simple calculation. That should be about $75 million of land profit. We have other activities, so it should be higher than that. I think what we're doing is we're now getting to a higher level of activity and a higher level of profit in Western Canadian land than we have just because we're going to get so much more of our lands underway. In 2013, we had about 10,000 acres of land, and we pretty much stopped buying land after that. We now have 8,700 acres, so that includes having sold 500 acres. You can see that we're using up land, but relatively slowly. The other thing that's interesting is the value of our lands in total are higher now than they were when we had 10,000 acres. To put it a different way, at Alpine Park, we have 500 acres on our east component. We have another 1,000 acres or 1,100 acres on the west. As we go through Alpine Park and realize the value of the lands, the other 1,000 - 1,100 acres will be increasing in value as it gets closer to development and there's some level of inflation. Even over the next five or ten years, as we're using up the lands that we're talking about, I think our value will be consistent for their land. It might be higher as we generate about $75 million of development profits or development cash a year. I think that's very exciting for the future that it's looking as good as it is. That doesn't include anything for the 1,900 acres in Saskatoon that we also have. We got 2,000 in Regina. We got Harbor Landing West that I don't know when we'll start, but it's about another 1,200 acres or 1,300 acres. We'll get to that, and that land will continue to go up in value as we develop out Coopert own. I think we got a lot of land. I think we're going to spend a little bit of money to grow the land in some places, but I don't think we're going to need a lot of cash to add to our land base. I think that business is in great shape. In Western Canada, the prairies, people seem to make enough money to afford their lifestyles, and it's going really well. In Alberta, even with the changes in immigration, they've had over 2% growth in population this year. Saskatchewan's at about 1.8%. Ontario is about at the average for all the OECD countries between 50 basis points and 60 basis points. I do think it's kind of a head fake that the immigration is reduced in Canada. While that's true, we're still having our country grow in population as good or better than pretty much any developed country. There's definitely demand. I think Saskatchewan and Alberta are going to benefit more than other parts of the country. I think that's going to suit us really well for the development business. In Western Canada, we also have an income property business. Generally, we build apartments in Saskatoon of about 125 units. Just to make this easier for my numbers, I'm going to assume that all buildings are 125 units. When we develop a building, we make between $4 million and $5 million of profit on the development. This is based on, like I said, a 125-unit building. The current numbers, again, none of this is adjusted for growth or inflation. We now have 1,000 units more or less. It's like the equivalent of eight buildings. I think we're going to be starting about three a year. That might be one apartment plus the equivalent in townhouses and single-family residential in Saskatoon and starting a building a year in Calgary. We have the equivalent of eight buildings by 2026, and 2027 will go to 11 over the next five years. We'll get to the equivalent of 23 buildings or almost 3,000 units. The development profit each year will be about $12 million, which is the low end of the $4 million a building times three is $12 million. Each building, we generally have about $2 million in net operating income and $1 million of interest. We end up with, give or take, $1 million of income. If we've got eight buildings, that's $8 million. For 2026, we should have $12 million of development property profit, about $8 million of income. With 3% growth in the rent, that should add another $8 million of value. That ends up being about $28 million of value coming out of our income properties in 2026. Using that formula, that's going to grow by like $6 million a year over the next five years. That alone will get us to about $58 million of profit, $23 million alone of net income. During that time, we'll be paying down some debt. Western Canada is going to be a huge driver of our income property portfolio. That's looking really good. I think we mentioned in our press release that we've been leasing up Brighton, the third building in Brighton. It's 125 units. The first occupancy was June 1. We're up to 88 units already. We do not have incentives at this time. That building was a little bit under budget, a little bit sooner than budgeted occupancy. It's leasing up quicker than we had budgeted. Things are working pretty, pretty well there. Our townhouses are fully leased except for a couple of units. Our single-family rental are fully leased. I think we're going to see a very programmatic, predictable value creation through that income property business in Western Canada. Asset management is a little bit simpler in that it's how much assets you have and what your margin is. We're working on increasing the assets. We're working on increasing the margin. We may be spending a little bit more money for attracting funds by adding to our team to deal with investors, but it's been going pretty good. A $2.5 billion increase over the last 12 months is pretty steady. The third category is income properties. I mentioned Western Canada, which is going to become an increasing component of it. The Distillery District continues to perform well. The NOI is growing consistently. Just as an aside, we bought that for $36 million in 2004. We profited from the development of 1,400 condo units over that time, and what we have left is, I believe it's on our books now for $316 million. It's an example of how value is created in income properties if it's relatively steady growth. I think we're going to see the same type of thing in Western Canada. The Distillery District has lots of legs. We and others are developing more apartments around it and condos, and I think we'll see it become increasingly valuable. With ZB, we're building out a lot of apartments. They're leasing up. It's coming along pretty well. The headwind there is uncertainty around what the cap rates are. Going back to Western Canada, we're building to a 6% cap, financing at 3.6%. There's a huge margin, good uptick on profits, building it, lots of cash flow. In Ontario, we're building to lower cap rates, and rents have softened a little bit, but it's okay. It's just not as programmatic to do the math on it, but we're pleased with the developments there. We think over time, we're going to see NOI increases. Our Toronto value add, we're getting a lot more turnover. Rents are softened, but the base tenants who stay in place in the value add, they've got the government-allowed increase, and then the market rent only affects the turnover. What we're seeing now is we're actually getting more turnover, so there's big increases for them. There's more units that are increasing, but the market rent might be $100 less than we thought it would be. Overall, that adds to our net operating income, so it's not too bad. Dream doesn't have a lot of direct exposure to purpose-built rental in the city right now. As I mentioned earlier, we've got some pieces of land that we'd love to do later. The other core category is where all the noise is. That's where we have the office units. There's been pressure on it, but I think it's doing better now. That's where the interest in impact. We have three downtown Toronto sites, which I mentioned earlier. I think the total value of the business is really driven by those three categories. Western Canada is, we've got lots of evidence as to why it's doing better and will continue to do better. The income properties, we can see how that's going to continue to do better as buildings are completed and the rents. We get the development profit. We get the net operating income of buildings that are finished and we see some growth. Overall, we're pretty excited about how the company is doing. That doesn't mean that there's areas that don't need a lot more work. Hopefully, there'll be upside that will match the work that's needed. I think that it will become much more apparent over the next couple of years, the steps that we've taken on these three segments and how much value they're adding to the company. I hope that provides some insight. Meaghan and I are trying very hard to be able to present the company in a way that investors can understand it better. Happy to talk to people in more detail if they would like. We'd love your feedback. Operator, we would be happy to answer questions at this time. Thank you. We will now begin the question- and- answer session. To join the question queue, you may press Star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press Star then two. We will pause for a moment as callers join the queue. The first question will come from Mark Rothschild with Canaccord. Please go ahead. Thanks, and good morning. Michael, one of the areas that you've focused on a lot the past few years was increasing liquidity in Dream Unlimited. How are you thinking about the company's liquidity now? How is that leading towards your thoughts on capital allocation over the next year, whether it's towards buybacks, putting money into other areas? You spoke about improving Office, or maybe there's opportunities with Dream Impact. Yeah, it's a great question because we've got a decent amount of liquidity. Most of what I've been referring to doesn't require much capital. Western Canada produces capital every year. Our income properties, we're literally putting for each 125-unit building, it might take $2 million of cash. If we're doing three a year, that's like $6 million. ZB requires a bit more cash, and that's about it. You mentioned Impact. As I said, we've got great assets in Impact. Dream has a keen interest in those assets, how the vehicle does. Also, a lot of what we do with governments is in Impact. We're watching that one very closely. We're making a lot of progress, and we've laid out elements of our plan going forward yesterday morning in a press release. I think that Dream will be looking to be supportive to Dream Impact Trust, basically by recycling capital, potentially, and maybe trading some assets out of Dream Unlimited that aren't as good as maybe some assets we can buy to provide liquidity and impact over time. I don't think it's going to be major numbers, but I think on the margin, we're happy to support Impact. We continue, we want to continue to have a history with the assets within Impact. Okay. Sorry, on the buybacks, we bought back a couple 100,000 shares this year. I would expect we'll continue to buy back stock at a measured pace, maybe 1% of the company a year. Okay. On the comments, maybe this is more for Meaghan, that income will be more back-ended this year. Is that mostly just from lot sales in Western Canada, or is there anything else of note that will contribute to that? No, I would focus on the Western Canada piece. It's the lot sales that will come in in Q3, Q4. It's also acreage sites, parcel sites. Understood. Okay. Great. Thanks so much. The next question will come from Sam Damiani with TD Cowen. Please go ahead. Thank you, and good morning. Just to sort of pick up where you left off with Mark, just in Western Canada, your budgeted sort of revenue and sort of committed earnings of revenue for this year has increased quarter over quarter. Are you seeing any concerns about end-user demand for home purchasing? I'm just curious how the builder inventories are, if they're in good shape. How do you think about the volumes and the pricing going into 2026, given the further increasing activity you're seeing this year? Yeah, I think it's, sorry, what was the last part of your question? Just how that sort of builds into your outlook for 2026, lot and home sales in Western Canada. I think that Western Canada has been stronger than both the developers and the builders have thought over the last couple of years. Builder inventories are very low. This year started good, slowed down. July was better than most July, but we're still trying to figure out what normal is given what's happening. I think 2026 will be good no matter what because the builders just need to have enough inventory to have enough different styles or whatever. I think we're very comfortable with 2026 numbers. The real question will be, as we get through 2025 and into 2026, will the builders feel that they need a lot more for 2027 or just a bit more? I think it really is a 2027 question. Right now, there's been a bit of nervousness in a way, but the volumes aren't bad. Excellent. That's very helpful. Maybe just over to asset management. You have definitely sort of steady growth there, you know, lots of verticals. I'm just wondering how your outlook is today for assets under management growth today, maybe versus six months ago, and how you see growth either changing into 2026. Yeah, you know, I sighed as you asked that because there were a couple of things we were very excited about that didn't happen, but we probably have more irons in the fire now. The issue is it's just so much harder to predict what's likely to happen. We were just talking about this yesterday at the board meeting where it's like, you know, you could do a big transaction, it moves the needle a lot, and then nothing happens for a while, but you don't know if the next day a big one's going to happen or not. We kind of feel as if there's sort of an organic growth that comes just with what we have going on. Then you have the new mandates. I think that whether it's the second half of 2025 or early into 2026, we expect to have something new. It's really hard to sort of lay out what we think is likely. Okay, great. That's helpful. With the press release yesterday morning, or perhaps even the night before, with Centercorp obviously working together to kickstart Fordham, Ontario, number one, you are looking at other projects, other opportunities. How wide is this net that you're casting with Centercorp? It's a great question. I think that with Centercorp, we could look at doing some buildings, buying land at the current market value, and doing a market value apartments. We will be building more like Centercorp's model, where the money gets raised from third parties. We'll see how much appetite there is for that. In addition, the fall economic statement's coming out. I'm not sure, but I think it's going to be like a budget. There is a tremendous amount of communication between the real estate sector and the federal government on what's needed to advance apartments. I would say that the big trend is away from home ownership into, you know, respectful living, which could be affordable housing in good quality buildings or market rent. Centercorp has been exceptionally successful building condos, but that's a smaller part of the market now. I think that's their motivation to work with us. One of the things we've done a lot is focus on how do we work with government policies to accelerate the growth of purpose-built rental. I give that all as a preamble because there have been a number of significant ideas floated by the federal government that could have a big impact on the economics of developing apartments. One of the things that we're really focused on with Centercorp is how to be ready for the changes that come. Until we see those, we don't know what's likely to happen. The scale of things, but we're happy with Fordham, Ontario. It's ready to go. I think that fits in really well with Centercorp. We will look to see where you can get desirable enough returns to convince investors that they want to invest. I say that, you know, it sounds like that's an obvious thing, but what's been happening is it's just so difficult to get new projects going that people who own land are developing and they're getting an okay return, but not a good enough return to attract new money. I think that's what we're really going to try to do with Centercorp is identify opportunities where the returns are compelling for people who are making an initial investment, not developing out existing land. Does that make sense then? It does. That's very helpful and insightful. Thank you, Michael. I'll turn it back. Again, if you have a question, please press Star, then one. Is there another question? No, sir. No questions. I was concluding the question- and- answer session and handing the call back over to Mr. Cooper for closing remarks. Thank you, operator. Thank you for questions. If anybody else wants to speak to Meaghan and I, we're always available, and we look forward to providing an update next quarter. Be well. This brings a close to today's conference call. You may now disconnect your lines. Thank you for your participation and have a pleasant day.