DREAM Unlimited Corp.

Hello and welcome to the Dream Unlimited Corp fourth quarter 2025 conference call for Tuesday, February 24, 2026. During this call, management of Dream Unlimited Corp may make statements containing forward-looking information within the meaning of 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 could 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 is contained in Dream Unlimited Corp's filings with securities regulators, including its latest annual information form and MDNA. 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, DRO of Dream Unlimited Court. Mr. Cooper, please go ahead.

Thank you, operator, and I'd like to thank everybody for joining our conference call. Today I'm here, as always, with Megan Peloso, and I'm going to turn it over to her in a second, but a couple of comments are that our fourth quarter was very strong, leading to a very strong year for 2025. But aside from the numbers being strong, there's a number of events that happened, and I think we're going to make 2026 an even stronger year. And I think our company is more valuable as a result of the fourth quarter of 2024, and we're excited about the momentum coming into 2025. We're excited about the momentum going into 2026. Megan, do you want to outline the quarter?

Sure. Thanks, Michael. Hello, everyone. Overall, we had a very strong fourth quarter with two significant transactions completed in the period. Net earnings on a stand-alone basis in the quarter was $56.2 million compared to $135.7 million in the prior year. Comparative results included the gain on sale of $157 million related to A-Basin, which was sold in November of last year. So quarter-over-quarter results were not directly comparable. I'll walk you through our segmented results, which represents our standalone activity only. In the fourth quarter, our Asset Management Division generated revenue and net margin of $61.5 million and $52.9 million, respectively, up significantly from the comparative period. Included in our fourth quarter results was $44.8 million from incentive fee income from DIR, resulting from the CPP joint venture transaction. Subsequent to year end, 75% of the incentive fee was paid in cash, with the remaining balance taken in units of the REIT. In the fourth quarter, Western Canada development generated a revenue and net margin of $113.5 million and $42.5 million, respectively. We achieved 438 lot sales, 204 acre sales, and 38 housing occupancies in the quarter, which included a 201 raw acre sale in Edmonton to a joint venture, which generated revenue and net margin, of 19.7 million and 15.8 million, respectively. Now, adjusting for the JV, fluctuations in results period over period were really driven by the specific mix of lot and acre sales. We continue to make steady progress on our land pre-sales commitments, and as of February 20th, we've secured nearly 150 million in lot and acre sales commitments that we expect to be recognized between 2026 and 2027, which is up by 28 million from the last quarter. and great momentum for the land business entering 2026. In the fourth quarter, our income properties portfolio generated revenue in NOI of $16.7 million and $8.4 million, respectively. This compared to $15.6 million and $7.1 million in the comparative period. The increase in NOI relative to last year was primarily due to lease-up activity across our completed apartments in Western Canada. So as a period end, we had nearly 1,100 multifamily units within the income property portfolio that are either stabilized or in lease up and a further 950 under construction that will be completed over the next 24 months, all of which will further support the NOI growth for the division. Our other investment segment generated $11.1 million in revenue and $5.3 million of negative net margin in the fourth quarter. Comparative results included earnings from condo sales with no similar activity in the current year. And we also realized certain cost to complete adjustments on closed projects in the quarter, which we would not expect to have period to period. Over the course of 2025, we spent just over 8.9 million in share repurchases, which works out to about 2% of the flow. We've been fairly active with our buybacks so far in 2026 and expect this to continue throughout the year, such that we expect to buy back at least twice as much this year compared to 2025. In 2025, we paid a 27 million to shareholders, and with the fourth quarter results, are announcing that we are increasing the annual dividend from 65 cents per share to 70 cents per share. Lastly, we ended the quarter with ample liquidity of 324 million, which is fairly consistent with where we were at at the end of Q3. As of December 31st, we ended the period with $250 million of debt maturity in 2026, but this includes about $60 million of debt that's actually auto-renewed in December of each year, so our real maturity figure is much lower. We're in advanced discussions with our lenders for maturities over the first and second quarter, and we'll provide updates over the course of the year. So with that, I'll turn it back over to you, Michael.