Hi, everyone. Good afternoon. It is 1:00 P.M. We will now call the meeting to order. My name is Joanne Ferstman, and I am 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 Josette Koffyberg of Computershare Investor Services Inc. as scrutineers for 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, also 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 and the form of proxy. 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. 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 2025 annual report, which contains the company's audited financial statements for 2025 and the report of auditors thereon. I note that the secretary has placed before the meeting a copy of the 2025 annual report. The next item of business is the election of directors. As stated in our circular, seven directors are to be elected at the meeting, and seven nominees are named. They are Michael Cooper, James Eaton, Richard Gateman, Jane Gavan, Duncan Jackman, Jennifer Lee Koss, and myself. Rob, will you please propose the nominees for election? I nominate the individuals listed in the management information circular dated April 16th, 2026, 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 seven nominees received the 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 a director is equal to the number of directors to be elected, I propose with 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 seven persons who were nominated have been elected as directors by acclamation. I would like to take this opportunity to thank Vincenza Sera, who is not standing for re-election, for her service and contributions over the years. 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, please? I move that PricewaterhouseCoopers be appointed auditors of the company and its subsidiaries for the ensuing year, and that the board of directors be authorized to fix their remuneration. I second the motion. Are there any questions on this motion? The meeting will now vote on the motion. 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. Any votes withheld? The motion is carried. PricewaterhouseCoopers LLP have been reappointed as auditors and the directors authorized to fix their remuneration. The formal items of business as set out in the notice of meeting have now been dealt with. 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. After the presentation, we will have a question period. Good afternoon, everyone. Thank you for taking the time to be here with us today. For this part of the presentation, Michael and I would like to talk about some of our key highlights from the year and discuss some of the significant transformations we've seen across our various communities and divisions. We'd be happy to take any questions at the end of the presentation. Overall, 2025 was a very strong year for Dream. Our key operating segments hit some of their highest level of earnings. We maintained very strong liquidity for the duration of the year and achieved healthy growth across the business. Over the last year, we've really focused on describing the business in simpler terms. Our key operating segments are Income Properties, Asset Management, and Western Canada Development, which accounts for over 80% of the value of the company. All three divisions performed extremely well in 2025, and asset management and income property specifically represent significant areas of growth for the business. Using December 31st figures, Dream's net asset value is CAD 55 per share, which represents an 8% growth year-over-year, including dividends. Since Q1 2025, we've created CAD 170 million in value for shareholders between NAV growth and CAD 20 million in dividends. While our NAV is down slightly to four years ago, what's meaningful to see is the composition has been shifting dramatically. In 2021, our three core segments represented less than half of our NAV for CAD 28 per share compared to CAD 45 today. Now looking at our segments. As of December 31st, we had just under CAD 1 billion of income properties on Dream's balance sheet. This reflects only our direct ownership in assets such as the distillery, certain apartments, and retail and commercial assets. Over the last five years, NOI from our income property portfolio has generated a CAGR of about 20%, and with our strong construction progress and robust pipeline, we believe that this growth rate is sustainable for quite some time. We currently have about CAD 800 million of income properties that are completed or under lease up, made up of 1,100 multifamily units and 750,000 sq ft of retail and commercial space. In addition, we also have another 1,000 units today and 126,000 sq ft of commercial space under construction. Now, if we were only to complete what is under active development today, which is obviously not our intention, our income property balance grows to CAD 1.4 billion on stabilization in a few years. We're making good progress realizing growth across the portfolio, and as we start construction on new builds, we have a very clear path to achieving meaningful scale for the portfolio. To look at some of the specifics within the division. Since 2020 at West in Saskatoon, Dream has delivered over 550 purpose-built rental units in a Brighton community made up of apartments, townhomes, and single-detached homes, with an additional 400 units currently under construction. Supported by planned schools, retail amenities, development is expected to continue at a pace of 150 to 200 units annually with land holdings in place to accommodate several hundreds more. Shifting to Ottawa, we're making great construction progress at Odenak, which is jointly owned amongst Dream entities and a local not-for-profit. The project is comprised of two towers making up 600 units in total or 200 at our direct ownership and is adjacent to a transit station in LeBreton Flats. Both towers are now topped off, and we expect to start leasing units at the end of this year. Also in Ottawa, no more than a five-minute walk from Odenak, we have Block 204 at Zibi under construction. We expect to start leasing up early next year, adding another 245 units to our rental portfolio. Moving on to asset management. In 2025, we generated CAD 80 million of margin, which included an incentive fee of CAD 45 million from our Dream Industrial contract. We currently have CAD 20 billion in fee-earning AUM across three public companies and eight private vehicles. This includes our latest joint venture with Dream Industrial REIT and CPP Investments, which we announced at the end of 2025. Since the sale of Dream Global in 2019, we've been focused on growing our private asset management mandates. Over the last seven years, we've grown these mandates from CAD 1.6 billion to CAD 14 billion today. They now represent more than double our public fee-earning AUM. We've done so by partnering alongside global institutions who combined manage over CAD 2 trillion of funds, further solidifying our reputation in the sector. This past week, we were very pleased to see Dream's inclusion in the Private Equity Real Estate Top 100 list, which ranks the world's largest managers by capital raised over the last five years. We ranked 31st globally and first based on Canadian headquarters. This recognition highlights our expanding presence among leading global real estate asset managers. As of December 31st, we had CAD 28 billion in assets under management. With over CAD 5 billion of acquisition capacity available across our various mandates and an extensive deal pipeline, we are well set up to see the continued AUM growth we keep speaking of. Over the past decade, Dream has successfully crystallized CAD 550 million of value from two of our asset management contracts. With the business now being valued at CAD 633 million in our NAV and AUM continuing to grow, we remain very well positioned to continue delivering value to our shareholders. Today, over 60% of our total AUM is concentrated in industrial, with another 25% in residential-type assets. This represents a significant evolution in our asset management business since 2013, reflecting our deliberate shift towards sectors with stronger fundamentals. In 2025, we generated CAD 100 million in fees across our various asset management contracts. We've been consistently increasing our recurring fee streams and expect 2026 to further increase as the CPP joint venture mandate becomes active. For the purposes of calculating our view of NAV, we're using our annualized net margin from our Q1 2026 results. On a comparative basis, net margin for the segment increased by 31% year-over-year due to AUM growth and higher incentive fee income relative to the comparative period. Lastly, our third segment is Western Canada Development. This makes up 8,500 acres in Saskatchewan and Alberta, with our most valuable land holdings being Holmwood in Saskatoon and Alpine Park in Calgary. We're currently active in three communities in Saskatoon, Hampton Village, The Willows, and the primary one being Holmwood. You can see Holmwood located within the East End, which represents about half the market share of the entire city. Within Holmwood itself, we have seven communities, and Brighton being the first, has been active since 2015, and we're wrapping up that community later this year. We're now actively servicing the first 270 acres in Brighton East, which is right in the middle of the screen. In Calgary, we are active in Alpine Park, having completed 180 acres to date. We're currently under development on another 200 acres, seen in orange, which includes 60,000 sq ft of commercial, which has been leasing incredibly well, as well as our very first apartment building in Calgary, which is expected to occupy next year. In Regina, we currently own 3,200 acres. With Eastbrook winding down this year, Coopertown will be our main active development go forward. Coopertown is our 1,200-acre development located in the northwest quadrant of the city. Upon full build-out over the next 20 years, these lands will accommodate 24,000 residents. This past September, we were able to officially break ground at Coopertown and have started servicing the first 200 lots. A quarter of these lots will be retained for our internal housing division, and the remaining have been pre-sold to third parties to be recognized in income later in 2026. In 2025, we generated land margin of CAD 54 million, which included CAD 16 million of raw acre sales. Based on pre-sales achieved to date, we're expecting 2026 land margin to be at least comparable, if not better, to last year's after normalizing for the JV income. With that, I'll now pass it over to Michael. Meaghan went over the three divisions we've been talking about for a couple of years, and I think what you'll see is each of those divisions are getting stronger and stronger. I think the sort of evolution of our income properties, that's CAD 1 billion of income properties we own on our balance sheet, not including any indirect interest in any of the other entities or joint ventures. It's going to grow wicked fast. Our asset management business, that was five years we ranked number one in Canada, number 31. That five years is the entire time we've been doing institutional money management with GIC and CPP and others as investors. We got pretty good credentials, literally when we meet anybody in the world. Meaghan mentioned that the few investors we have currently have over CAD 2 trillion of assets. That's a lot of money to talk to about new ideas. We think we're actually picking up momentum in that area. Last year, I've been thinking about this now for 364 days. I was saying that for 31 years, we've been trying to diversify away from Western Canada, and I'll never say that again. Western Canada has been doing very well. Just for kind of a sense of the numbers, we invested CAD 4 million in 1994. We've invested some more since, but we've taken out way more just in terms of how we've grown that business. We've actually had profits in excess of CAD 1 billion on that original CAD 4 million investment, and we basically haven't bought any land of any significance since 2014, and Meaghan showed that we had sold some raw land. We've gone from 10,000 acres to 8,500 in 15 years. We got a lot of land, and that business is going to grow. When we think about Western Canada, it is our development of the lands in Western Canada, but we are growing income properties there very quickly, and it's going to be significant. Western Canada affects not just our development segment, but also our income property segment. This just keeps happening. Number one, the GDP in Alberta and Saskatchewan is much higher than everywhere else. Newfoundland with oil is also doing well, but it's pretty significant. This is the story of the country. Ontario and Quebec are on the far right. That's not good because they're the biggest, but we're happy where we are. This is interesting because we talked to some of the others about Toronto and the country having negative population growth. While that is true, Saskatchewan, Alberta continue to grow, and that's going to only increase as we start reducing the temporary workers and get back to having 400,000 net population growth with immigrants. I think that looks pretty good going forward. Saskatchewan leads provinces with a 12% jump in private capital investments for 2025. If you want to get this country growing, you got to invest in Saskatchewan, Alberta. They're incredibly well positioned for growth that's higher than we were showing. It's quite diverse, the types of investments that are being made in Saskatchewan, and we're going to see a lot more coming in the very near future. This one's kind of interesting because the orange is income properties. We've actually sold quite a few income properties over that time. We'll get into a bit later, apartments are becoming a much bigger factor. The blue is asset management. It's grown a lot. We'll talk a little bit about that in NAV. Western Canada has actually been growing. The development part of Western Canada has been growing. It's at or near the best numbers the last two years in its history. This next portion is showing off our AI skills. I would say this, it's our AI skills from a guy in planning and strategy, not even a guy in creative or anything else, which I think is interesting. Trust me, no jobs will be lost. We'll get into it. We want to show people what we actually do for a living, it's kind of fast, let's see how this goes. This is what we've been doing in West Don Lands. In the right is the Indigenous Hub. What's on the left, Jamie? Block 347, which is finished. It's huge. That's 855 units. At least 40% of it so far this year. We're making tremendous progress. Those are income properties. None of this is going to be on Dream Unlimited's balance sheet. They're through the Impact Fund and the Impact Trust. This is a different version, a different view. That's Block eight. I think a lot of people want to know only about numbers, and it's incredibly important, but you'll see as we go through this, we're transforming Toronto East. This one's pretty dramatic. This is the last seven years. Another one. I'm going to go back on this one because this one's kind of a joke. If you look at it closely, you'll see that the only thing that's happened is a bicycle lane. There you go. Jose Maldonado, one of the most senior people at our company, thought that was really funny and asked me to present it, and I'm glad it got a chuckle. This is the whole shebang. We've completed about 4,500 units in this area. We have land for another 5,500. That's direct and indirect. We'll get into that in a second. It doesn't include that we probably have sites for three more buildings, somewhere between 12 and 1,500 units, at the Distillery District that cost us zero. Dream Unlimited's share of the land cost very little, and most of it's historic. That's a big area. This is industrial that we built in the industrial REIT in Balzac, 1 million square feet. This one, it was just a farm. If you take a look, there's a semicircle there, and when Meaghan showed you our lands, that semicircle is going to have six apartments. The fifth building is now topped off. The sixth building is under construction. This is tiny, and we hardly put any equity in, but these are the only rental that are available in Brighton. We do it all ourselves. This is going to be about 800 units in that semicircle. The other side's another 800. We're getting 1,600 units, which should be worth about CAD 500 million that we'll build over 10 years, and it's literally a postage stamp on the 3,000 acres we own. We have an unlimited amount of land to build as much apartments as is needed. One of the things that's interesting in Saskatoon is they have a very high home ownership rate. They're around 75%. They just haven't had a lot of apartments. The numbers we're getting from the city is we're probably building at half the rate they need. This is the type of thing I was saying is really going to contribute. We're building to a sixcap. The rents we're getting are the best we've ever had there. They've been a little bit flat. Depends on the month, up two, 3%. We just finished the third building, fully stabilized, got to take on financing. Every single number in it met or exceeded the pro forma that we did four years ago. This is really working and generating. Generally, what it does is there's CAD 2 million of net operating income. CAD 1.1 million goes to pay interest. CAD 400,000 goes to pay down principal. We get CAD 500,000 a year. That's a pretty good amount. Multiply it by six. We're getting to CAD 3 million of NOI a year, free cash flow, and the buildings are going up by 3%-4% a year on CAD 500 million-CAD 600 million. That's a decent contributor to our overall value. Let's see. These are Zibi, what we've done there. We're creating something where there was nothing. A lot of these are income properties. Dream owns half of Zibi, so some of these are on our balance sheet. This is what we've done in the last 10 years there. We're getting close to halfway through Zibi, so it's going to increase as much. You saw Odenak, which is really going to change the skyline in Ottawa. It is 400 m from the parliament buildings. It's between the new library, the CAD 400 million library, and the LRT. It looks outstanding, and that's going to be a very successful building for us. It's a lot. Now I think we'll get back to numbers. I want to focus a little bit on what's in the other category. It's about 18% of the entire business. We got equity interest in a lot of our entities, and most of that's going pretty good. Dream Impact Trust. Let's see. We were talking about office before Dream Industrial started. They're over a CAD 4 billion market cap. Things are going great. We got a bunch of joint ventures. Alex said it quickly, but our platform has 74 million square feet of industrial, which includes the U.S. and Europe, but the Canadian portion, we haven't found anybody who has a larger portfolio than we do. It's interesting too, because in 2018, we had a little bit of industrial, a lot of office. That's been a big focus. Dream Industrial is going really well. We had Dream Impact Trust, which is in the epicenter of bad. It's in Toronto and it's in residential, and it owns land and it has debt. We've been working hard at it. We've reduced the debt we showed by about CAD 170 million over the last three years. We've moved a lot of assets into development. We've got great concessions from various governments. We're building at a relatively low cost compared to what it was in 2023. We got these unbelievable apartment buildings in downtown Toronto that are going to have a lower cost base than what it would've been in 2023. We need lower rents than we used to need, and we got 20-year debt that really eliminates any concern about refinancing on completion and stabilization or even after 10 years. There's a lot of time to compound rental rate growth and amortization to have great buildings. Dream Unlimited is very pleased with this business and has a big commitment to it. We look at our commitment extremely carefully to make sure that Dream Unlimited's getting a good return. We loaned CAD 50 million. We've created a facility for CAD 50 million. It's just a little bit more than half drawn, and it's secured by the stuff that is creating value. We're very comfortable with the money we have in this business. 41 Ontario is referring to it. 1,200 units, it's going to be done in a couple of years. It'll be done after the condos are completed. The rents we're using in this building are significantly lower than we would've used three years ago. The construction costs are low, and it's being built very quickly at a very good price. That's going to be a big winner for us. Quayside is the old Sidewalk Labs site that's been talked about now for 15 years. I don't call out people, but Tsering and her team have done an amazing job dealing with every level of government to put together a deal that we hope will start October 1st. We've got great support from CMHC, great support from the City of Toronto. This is on the waterfront. They're redoing the Parliament Slip. It's going to be amazing. They're rerouting Queens Quay, and they're putting all that money into the Cherry Street parks and area there. When this is finished, there's going to be a subway about three blocks north, and right in front of it is going to be an LRT for the waterfront. It's going to have public transportation at a level that most places don't have. It's going to have two lines right there. We're quite excited about it and the work that's gone into it. We got a few boutique hotels. We took this over from a partner, and they're beautiful buildings. We're not really in the hospitality business. We've been around it forever. This year's going a lot better than last year, and we are pleased with the progress on it. It's perfectly fine. We paid down some debt. They're good buildings and good hotels, so we're pretty pleased to have them, but it's not necessarily core. Condo developments, we hardly have any in the entire Dream platform. We have Brighton, Dream owns 7.75% of this, and it's in partners with some large developers. It's on the waterfront. It's an incredible site, but it's just caught up in what everybody else is. If you take a look at the bottom-right photo, the little building, which is only 73 stories, is under construction. It's I think at the 40th floor. If you haven't seen it's kitty-corner to Roy Thomson Hall. This is designed by Frank Gehry. The curtain wall is amazing. As it just reflects, it's so interesting, and it makes it a really, really attractive building. It's on time, on budget, and we've got about 87% sold. We think that'll be pretty good. Again, on this one, we own 8.3%. These are nice to haves. They're not something that we worry about. We're very much on top of them. For Dream Unlimited, we'll get into in a second, but our company has a lot of things that are going great, and those things generate a lot of cash. Whoops. This is more of the Dream Unlimited stuff. Canary Block 13, that's a great site. We got that as part of completing the Pan Am Athletes' Village. We ascribed a CAD 55 value to it, but we actually got it for nothing. It was just part of what we got at the end. One of my favorites is 31A Parliament, which we bought for CAD 1.8 million 20 years ago. It's now over 800,000 sq ft. We can carry these sites forever. West Don Lands Block 20 has no debt on it. Victory Silos is through Impact Trust, and Dream owns a little bit of it. Again, I think it's 12.5%. It's a great site, right beside Quayside, and it's in okay shape. Broadview and Eastern, this is just north of East Harbor. These sites are amazing. Dream's in a position where if we do it next year or in 2031 or in 2036, the company's in great shape. This is the Grand finale. We are pretty diligent the way we look at the company and look at the net asset value. If you were in the last couple of meetings, in the last meeting in Dream Office, we showed some numbers. I think they're conservative. We kind of use the same approach to everything we do. We've been keeping track of this. I think it helps us understand where we're adding value. In the last year, we've added. It's actually the last nine months, but we're not annualizing. It's just 8% growth since March 31st, 2025. That's on what was then CAD 51 a share, 22% on the stock price. Let's get into where it comes from. Is it resting? There we go. Yeah. The core segments, Western Canada, it's still a big one. Asset management's gone from a very low number to CAD 15 a share. We'll get into how we do it. Income Properties is coming along. It's going to make a difference. The other segment is pretty evenly divided between a little bit of land we own for CAD 3, our shares in the various entities, and some loans and other assets. Here we go. We don't make up the accounting rules, but effectively, some things are carried at market, some things aren't. What we do is pretty simple. The land is on our books for cost, and asset management is kind of on our books for cost, but doesn't cost anything. Dealing with asset management first, we're using CAD 630 million. Last year, we were at 16 times. This year, we're down to 13x. It really doesn't include anything for a very, very small component of the CAD 300 million incentive fee at Dream Industrial. What I would say is that CAD 633 million, Meaghan referred to between 2015 and 2019, we sold two contracts for CAD 550 million. We were a smaller company, actually, those contracts weren't as lucrative as what we're doing now. We think that's a pretty conservative number. The Western Canada developments, this is really interesting. We track it very closely. We bid on a piece of land, 320 acres in Calgary, and we had an idea that we'd bring some partners in. It was strategically beneficial, we didn't want to use up a lot of cash. We got smoked. Absolutely smoked. It's land that's not in an active community now. This is in Alpine Park. It's not in the first neighborhood. It's in the last neighborhood, where we have 1,100 acres. The numbers that we're using are provable, and the income that we're making is provable. I think these numbers are pretty solid. Let's see. This one is just similar. Our core business is getting better everywhere. Dream Office, we said, "Hey, it's pretty stable now." Dream Impact's got incredible assets, needs a little bit of liquidity, but it's pretty special. Very, very small compared to the power of the company. I think this year we're going to do very well. Hopefully, we'll do better than last year without even the incentive fees. Thank you. Happy to answer any questions if people have any. Just to help clarify CAD 55. How much is attributable to Dream Impact? Like is that CAD 3? Say it again. How much is attributable to Dream Impact? Would that mean CAD 3.55 or less? How much is attributable to Dream Office? Dream Impact. We use a stock price. We have 7 million shares at CAD 1.60 is CAD 11.2 million divided by 42. It'll be under CAD 0.30. There's some smiles in the back. We talk about it a lot, but it's under CAD 0.30. Dream Office? Dream Office is CAD 70. About CAD 110 million, it's CAD 2.50. Together it's CAD 3. Yeah. Nothing? Okay, well, I do want to say that when we look at our business, we all work together, regardless of the entities. Our team has done an unbelievable job over the last 12 months. I think everything that was struggling is in better shape, and everything that's good has gotten better. I want to thank the team. In Western Canada, our team is doing more innovative, more exciting things than anybody else. In our development business in Ontario, we're leading in many different areas. Number one in Canada, raising funds. There's a lot of things that are going great, and it's only because of the dedication of the team at Dream. I'd like to thank them. Yes, Paul from. Where is it? Thank you. What's the timeline on the Port Credit development? Just like everybody else, we've got extra density. I think that's what developers do when they can't sell a single thing. It's kind of infinite at this pace. You've started the process. Yeah. We've done about, is it 1,000 units, Crystal, that we've done? That we're doing. Yeah. Go ahead. When the whole thing's done, is it a couple of years away? No, I said infinity, and that might be an exaggeration. It's definitely not two or three years. The issue is there's very little absorption. Costs are high, and we need the market to change. We got a lot of low rise there, a lot of townhouses. We're seeing it with HST and development charge changes, we're seeing in the 905 there's been some improvement, so that might help. On the condos, there's a lot of stuff that needs to happen before new condos make a lot of sense. When you're stopped in traffic, the time to get somewhere is infinity, and it kind of feels like that, but it's going better than that. It's just emotionally, that's what it feels like. Okay. Thank you, everybody.