Dream Unlimited Corp. Announces Multi-Family Portfolio Update and New Joint Venture
Dream Unlimited Corp. (TSX: DRM) today provided an update on its ongoing multi-family initiatives, which mark significant growth in its residential portfolio. The company has made substantial strides in the development of multi-family rental units, as well as in expanding its presence across Canada’s major markets. All figures are presented in Canadian dollars unless otherwise noted.
Growth in Multi-Family Rental Units
Over the past two years, Dream has successfully completed the development of more than 1,650 multi-family rental units across several key locations, including downtown Toronto, as well as in master-planned communities like Zibi in Ottawa and Brighton in Saskatoon. A notable addition to this expanding portfolio is Birch House, a 238-unit purpose-built rental building located in downtown Toronto, which welcomed its first residents in October 2024. Birch House is part of Dream’s ongoing efforts to bolster its presence in the Canary District, following the success of Maple House, which began leasing in 2023 and is already 78% leased.
Additionally, Dream currently has more than 1,950 multi-family rental units under construction. Key developments include Cherry House in downtown Toronto, Odenak (formerly Dream LeBreton) in Ottawa, and Block 204 at Zibi. These projects are all backed by construction financing secured through the Canada Mortgage and Housing Corporation’s (CMHC) Apartment Construction Loan Program (ACLP), which highlights Dream’s access to advantageous financing options for growth.
Brighton Community in Saskatoon Expanding Rapidly
Dream’s Brighton community in Saskatoon is also seeing rapid expansion. In the fourth quarter of 2024, The Teal and a portion of Blocks 166 and JK were completed, adding 144 new units to Dream’s recurring income portfolio. These recently completed properties are currently 93% leased, reflecting strong demand in the region. Looking ahead, Dream plans to continue or begin construction on 500 more units within the Brighton community, along with its first purpose-built rentals in Alpine Park in Calgary in 2025. The company expects to achieve development and hold returns of 15-25% over the next 10 years for these Western Canadian properties, further strengthening its strategy to generate substantial value for its shareholders.
City of Toronto Development Charge Waiver
In a significant policy development, on December 17, 2024, the City of Toronto announced a waiver of development charges on selected projects aimed at supporting the growth of purpose-built rental housing across the city. Two of Dream’s projects have been named as part of this waiver, which includes a combined total of 2,500 units. This policy is expected to reduce costs and enhance the viability of these developments, enabling Dream to accelerate the timeline for construction. Dream has committed to providing further details on these projects during the Dream Impact Trust conference call scheduled for February 19, 2025.
Launch of New Joint Venture
Dream is also excited to announce the formation of a new institution-backed joint venture designed to invest in Canadian multi-family properties. On January 28, 2025, the joint venture waived conditions on a portfolio of multi-family assets in Toronto’s east end, marking its first investment. This venture aims to invest up to $2 billion in high-quality rental properties across Canada’s major markets, further diversifying Dream’s income streams.
The formation of this joint venture represents a significant milestone for Dream’s private asset management platform. While the company’s multi-family development pipeline remains a key growth driver for its income property division, this new venture offers an opportunity to leverage Dream’s expertise in real estate to deliver value for institutional partners while expanding the company’s footprint in the Canadian rental market.
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Impressive Growth of Multi-Family Division
Since 2017, Dream’s Canadian multi-family division has experienced remarkable growth, expanding from just 48 units to a total of 3,270 units completed, with an additional 1,950 units currently under construction. This impressive growth trajectory is expected to continue as Dream works through its current development pipeline.
About Dream Unlimited Corp.
Dream Unlimited Corp. is a leading real estate developer based in Toronto. The company specializes in the development of office and residential assets, with a focus on creating long-term value. Dream owns and operates stabilized income-generating properties in both Canada and the U.S. and has a well-established asset management business, which oversees approximately $27 billion in assets under management. This portfolio spans four Toronto Stock Exchange (TSX) listed trusts, a private asset management business, and various partnerships.
In addition to its operations in Toronto, Dream is involved in the development of land, residential, and income-generating assets in Western Canada. As the company continues to complete and hold its urban development properties, it expects to generate a greater share of recurring income in the future, which will further strengthen its financial position.
Dream has earned a reputation for innovation and its ability to identify, structure, and execute compelling investment opportunities, making it one of the most respected developers in Canada.
Non-GAAP Measures and Other Disclosures
In addition to traditional financial metrics defined under International Financial Reporting Standards (IFRS), Dream uses supplementary financial measures to assess the economics of its business. These measures, such as assets under management, provide valuable insights into the company’s financial performance and position. Detailed information on these non-GAAP measures can be found in Dream’s Management’s Discussion and Analysis (MD&A) for the third quarter of 2024, which is available on SEDAR+ and the company’s website.
With a strong track record in development and asset management, Dream Unlimited Corp. is poised for continued growth as it expands its multi-family portfolio and increases its presence in the Canadian real estate market.
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