TORONTO, ONTARIO–(Marketwired – Nov. 14, 2016) –
This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release.
Dream Unlimited Corp. (TSX:DRM) (TSX:DRM.PR.A) (“Dream”, “the Company” or “we”) today announced its financial results for the three and nine months ended September 30, 2016. Basic earnings per share (“EPS”) for the three months ended September 30, 2016 was $0.15, down from $0.24 for the three months ended September 30, 2015. Basic EPS for the nine months ended September 30, 2016 was $0.61, up from $0.42 in the prior year, excluding the one-time gain of $0.97 per share on the reorganization of an asset management agreement in 2015. At September 30, 2016, the Company’s total equity increased to $787.0 million ($7.00 per share), up 10% from $719.7 million ($6.35 per share) in the prior year and 92% from $410.3 million ($3.73 per share) since the company’s first reporting period as a public company on June 30, 2013, representing a compounded annual growth rate (CAGR) of 21%.
Michael Cooper, President & Chief Responsible Officer of Dream commented: “Our third quarter results are solid and reflect the achievement of almost full occupancy at our Canary District condominiums in downtown Toronto, contribution from lot sales in our Western Canadian land business and growth in our asset management business. Our Toronto condominium business is strong and by year end we will have substantially reduced exposure to this segment of the business, successfully closing and occupying over 1,400 units in 2016. We continue to look to grow our urban development business, both directly and through new development partnerships. We are excited to be a lead developer for a new development site located on Lakeshore Boulevard East in downtown Toronto with over 1 million square feet of condominium and mixed-use density. Winning competitive bids for exceptional sites such as these, demonstrates Dream’s capability and competitive advantage to continue to source compelling development opportunities at attractive returns in order to add to its pipeline of condominium and mixed-use projects in Toronto. We expect to have a significant financial year in 2016 and also end the year with substantial excess liquidity.”
A summary of our results for the three and nine months ended September 30, 2016 is included in the table below.
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| (in thousands of Canadian dollars, except per share amounts) | 2016 | 2015 | 2016 | 2015 | ||||||||
| Revenue | $ | 53,852 | $ | 130,350 | $ | 251,539 | $ | 244,039 | ||||
| Net margin | $ | 10,925 | $ | 25,935 | $ | 75,856 | $ | 55,632 | ||||
| Net margin %(1) | 20.3 | % | 19.9 | % | 30.2 | % | 22.8 | % | ||||
| Earnings before income taxes | $ | 24,899 | $ | 24,906 | $ | 98,546 | $ | 179,121 | ||||
| Earnings for the period | $ | 16,783 | $ | 27,571 | $ | 68,670 | $ | 156,831 | ||||
| Basic earnings per share(2),(4) | $ | 0.15 | $ | 0.24 | $ | 0.61 | $ | 1.39 | ||||
| Diluted earnings per share | $ | 0.15 | $ | 0.24 | $ | 0.61 | $ | 1.31 | ||||
| Basic earnings per share (ex. prior year gain on reorg.) (4) | $ | 0.15 | $ | 0.24 | $ | 0.61 | $ | 0.42 | ||||
| Net margin by major business segment before eliminations | ||||||||||||
| Land development(3) | $ | 8,567 | $ | 13,127 | $ | 32,211 | $ | 24,380 | ||||
| Housing development(3) | $ | (49 | ) | $ | 1,596 | $ | (2,486 | ) | $ | 3,337 | ||
| Condominium development | $ | 911 | $ | 10,538 | $ | 7,086 | $ | 9,720 | ||||
| Investment and recreational properties | $ | (2,022 | ) | $ | (1,976 | ) | $ | 6,872 | $ | 4,256 | ||
| Asset management and management services | $ | 5,098 | $ | 4,543 | $ | 34,974 | $ | 18,362 | ||||
| Earnings (losses) from equity accounted investments | $ | 20,501 | $ | 3,315 | $ | 40,752 | $ | 212 | ||||
| Total assets | $ | 1,518,709 | $ | 1,446,442 | $ | 1,518,709 | $ | 1,446,442 | ||||
| Total liabilities | $ | 731,720 | $ | 726,732 | $ | 731,720 | $ | 726,732 | ||||
| Total equity | $ | 786,989 | $ | 719,710 | $ | 786,989 | $ | 719,710 | ||||
| (1) | Net margin % (see “Non-IFRS Measures” on page 41 of our management’s discussion and analysis (“MD&A”) for the quarter ended September 30, 2016) represents net margin as a percentage of revenue. |
| (2) | Basic EPS is computed by dividing Dream’s earnings attributable to owners of the parent by the weighted average number of Dream Subordinate Voting Shares and Dream Class B shares outstanding during the period. |
| (3) | Net margin results are shown before eliminations of internal lot sales to our housing division, as the homes have been sold to external customers during the period. Net margin of $1.6 million and $2.8 million for the three and nine months ended September 30, 2016 (three and nine months ended September 30, 2015 – $1.9 million and $4.4 million) have been eliminated on consolidation. For additional details, please refer to the discussion on page 12 and 13 of our MD&A for the quarter ended September 30, 2016. |
| (4) | Included in earnings in the nine months ended September 30, 2015 is a gain of $127.3 million ($110.0 million after tax) from the reorganization of the Dream Office REIT asset management contract. For further details refer to page 23 of our MD&A for the quarter ended September 30, 2016. |
Key Results Highlights: Condominium & Mixed-Use Development
Canary District Condominiums Fully Sold Out and Expected to Close in the Fourth Quarter of 2016:
- In the three months ended September 30, 2016, we achieved 382 condominium unit occupancies (193 at Dream’s share) primarily within Blocks 4 and 11 at the Canary District generating revenue of $75.3 million and net margin of $17.5 million. Year-to-date, we achieved 1,237 condominium unit occupancies (606 at Dream’s share) generating $221.3 million of revenue and $39.3 million of net margin. As at October 28, 2016, all 810 units at the Canary District (405 at Dream’s share) were fully sold out. Blocks 4 and 11 are expected to close in the fourth quarter of 2016, at which time $219.5 million of total project level debt ($109.8 million at Dream’s share as at September 30, 2016) is expected to be fully repaid. The site, developed through a 50/50 partnership owned by Dream and Kilmer Van Nostrand Co. Limited, was used as a temporary home by athletes during the Pan/Parapan American Games Athletes’ Village in 2015. Stage 1 of the Canary District includes a YMCA, a 500 bed George Brown College student residence, 253 affordable housing rental units and 810 market condominium units. As part of the Stage 2 lands, the partnership expects to develop another 1,200 condominium units and 20,000 square feet (“sf”) of retail in addition to the 30,000 sf in Stage 1, which is currently 74% leased to date. Management expects that the existing Canary District retail will be fully leased by the third quarter of 2017. With respect to Stage 2, planning for the development of Block 16, expected to consist of a 12-storey residential building with approximately 200 condominium units and 9,000 sf of retail is currently underway. Marketing for the condominium units is expected to launch in early 2017, pending receipt of certain entitlements and approvals.
Success in Repatriating Capital From the Condominium Division in 2016:
- In the third quarter of 2016, we closed The Carnaby, our 437 unit condominium building in downtown Toronto (219 units at Dream’s share), which resulted in $87.6 million of project level debt ($43.8 million at our share) being repaid in full. By the end of 2016, we anticipate all our condominium projects currently in occupancy to achieve closing status. As a result by year end, our exposure from our condominium segment (including equity accounting investments), including inventory, project level construction financing and off-balance sheet guarantees, is anticipated to decline by approximately $228.5 million (or 59%) from December 31, 2015. Upon achieving successful profitability in 2016 from the condominium division, Dream intends to seek out further opportunities to increase its investment in this segment. This is expected to include new investments, in addition to launching new projects on condominium lands owned in inventory over the next two to three years within: Riverside Square – 690 units at project level in Phase 1 and 238 units in Phase 2, the Canary District – approximately 1,200 units and the Distillery District – approximately 600-700 units.
New Partnership Investment in Lakeshore East Development site with Great Gulf Residential:
- Subsequent to the quarter, Dream successfully secured a $3.8 million equity investment in a development partnership for a 12.5% ownership interest in a 5.3 acre waterfront property in downtown Toronto located at 351-369 Lakeshore Boulevard East (the “Lakeshore East Development”). Dream Hard Asset Alternatives Trust (“Dream Alternatives”), an entity managed by the Company, owns a 37.5% equity interest in the development partnership. The residual third party partner/co-developer, Great Gulf Residential, is an award winning builder and developer of new homes and condominiums in the GTA, with 40 years of experience. Together, Dream and Great Gulf Residential will act as co-developers for the project/partnership. The Lakeshore East Development represents an exceptional waterfront development site. The property is planned for a mixed-used development with potential for over 1 million sf of density across three development blocks bisected by an extension of Queens Quay East to Cherry Street, which will include LRT transportation running through a dedicated centre lane. The site is subject to several policy and planning initiatives designed to shape a new waterfront community for Toronto. The development proposal contemplates the aforementioned density, along with preservation of the Victoria Soya Mills Silos (constructed in the 1940’s and originally used to store soybeans and other commodities prior to transportation across Canada), through either adaptive use or rehabilitation providing for a unique architectural feature, which are located on the western boundary of the site. We anticipate that the development timeline is in the range of 8 to 10 years, inclusive of the pre-development and re-zoning process. The anticipated returns on the development are within a pre-tax IRR range of between 15 and 20%. The lands are very complimentary to our existing development activities in the East end and our investment in the Distillery District, which is located just north of the site.
Land & Housing – Strong Pre-Sales Activity for 2017:
- In the three months ended September 30, 2016, we achieved 191 lot sales and 43 housing unit occupancies (three months ended September 30, 2015 – 285 lot sales and 62 housing unit occupancies). In the nine months ended September 30, 2016, we achieved 285 lot sales and 87 housing unit occupancies (nine months ended September 30, 2015 – 456 lot sales and 168 housing unit occupancies). Approximately 78% of our lots sold year-to-date were within our active developments, Brighton (Holmwood) in Saskatoon, Harbour Landing in Regina and the Meadows in Edmonton.
- As at September 30, 2016, Dream’s backlog consisted of 197 lots and 17 acres for sales that are expected to close by year end 2016. In 2016, Dream expects to achieve approximately 500 lot sales, 172 undeveloped acre sales, 17 developed acre sales and 130 housing unit occupancies. This compares to 869 lot sales, 45 undeveloped acre sales, 27 developed acre sales and 209 housing unit occupancies in the prior year. More notably, by year end, Dream expects to secure deposits for approximately 500 lots and 15 acres for sales that are expected to close in 2017. This level of expected backlog for 2017 is the highest level of advanced commitments from third party purchasers in our history and is in line with our revised operating model and development strategy within our land business. Our lot backlog represents the total pre-sold lots under construction and lots on which we have received a deposit but construction has yet to commence.
Given the current environment in Western Canada, we are continuously reviewing our land supply to ensure the inventory we bring to market is paced with demand. Additionally, as we execute on our strategy to participate in more of the market share within our new communities by developing more single family homes, retail and commercial properties ourselves, our external lot and acre sales volumes are expected to gradually decline from prior years. As we build out and sell, lease or rent these properties, we intend to capture the development profit on both the land and building components and add to our recurring income sources by holding any income properties developed. Currently, we are focusing on building out our existing communities and strategically evaluating when servicing should commence in new communities. Given these factors, we anticipate having less sales volume overall in 2016, as compared to the prior year. However, with the undeveloped acre sales that occurred during the nine months ended September 30, 2016, our overall net margin for the land division in fiscal 2016 is expected to generally meet that of the prior year, assuming consistent market conditions in Western Canada.
Key Advancements & Updates in Western Canada
Approvals in Western Canada:
- In the three months ended September 30, 2016, the Southeast Regina Neighbourhood Plan, which provides a planning policy framework to guide the future development of 1,705 acres of land within Southeast Regina, was approved by City Council. This area includes Dream’s 179 acres in Eastbrook and our additional 140 acres immediately north of Eastbrook. We expect Eastbrook to accommodate 1,400 residential units for a projected population of 3,500 residents. Dream commenced development of Eastbrook in July 2016, and expects to realize its first external lot sales in 2017.
Asset Management:
- Fee-earning assets under management across the listed funds were approximately $5.1 billion, relatively consistent with the prior quarter, and up slightly from $4.9 billion in the prior year. Fee-earning assets under management across private institutional, development partnerships and/or funds was $1.7 billion, consistent with the prior quarter. Total assets under management were approximately $14.5 billion at September 30, 2016.
- Net margin from asset management was $5.1 million, or 69.9% of revenue for the three months ended September 30, 2016, up from $4.5 million in the comparative prior year due to higher fees earned within certain development partnerships. In the nine months ended September 30, 2016, net margin increased by $16.6 million primarily due to development fees earned for completion of milestones related to urban development projects.
- Subsequent to September 30, 2016, we led and implemented an operational enhancement program to simplify and streamline the current shared service platform in place between the Company and Dream Office REIT (TSX:D.UN), Dream Global REIT (TSX:DRG.UN), and Dream Industrial REIT (TSX:DIR.UN). The program was carried out in order to establish more dedicated services on a cost efficient basis to the entire Dream group of companies. On a go forward basis, this initiative in relation to the shared service platform will impact the costs being allocated to the aforementioned Dream companies in accordance with the Administrative Services Agreement and Shared Services and Cost Sharing Agreements currently in place. As a result of implementing this program, the Company expects to incur an operational enhancement charge in the range of $1.5 to $2.0 million in the fourth quarter of 2016 and annual savings in the range of $2.5 to $3.0 million.
Update on Retail & Commercial Development Projects in Western Canada & Investment & Recreational Properties
- In the three months ended September 30, 2016, we continued to make leasing progress on our active retail development projects in Western Canada. At September 30, 2016, Dream had approximately 250,000 sf of active retail projects under construction in Saskatoon and Edmonton, which had committed leases of 76.4% and a weighted average lease term of 13.4 years (73.5% and 13.9 years at December 31, 2015). Dream expects to earn a development yield on cost of approximately 8% on these retail projects.
- In the fourth quarter of 2016, Dream expects to add Brighton Marketplace in Saskatoon as an active retail project under construction. The 21.5 acre retail site is strategically located in the south west quadrant of College Drive and McOrmand Drive, allowing the future shopping centre to cater to the needs of the existing large population immediately to the north and the rapidly growing Brighton neighbourhood of 15,000 residents immediately to the south and east. Upon completion in 2020, the site is expected to comprise 232,500 sf of gross leasable area (“GLA”), of which 50% is at Dream’s share. As at September 30, 2016, Dream had committed leases for approximately 36% of the aggregate GLA, from tenants such as: Save-On-Foods, Motion Fitness, State and Main, TWA Vision, Pet Valu and The Keg. Subsequent to the quarter, Dream secured a 32,800 sf, 20 year lease with a national tenant, bringing committed leasing to approximately 50%. Dream is currently developing 509 acres of residential land in Brighton.
- Subsequent to September 30, 2016, the Broadview Hotel, our 50% investment in downtown Toronto, unveiled its exterior facade. The 125-year-old building and historic landmark site is being converted into a 58-room boutique hotel, anticipated to open in mid-2017. As at September 30, 2016, Dream had invested $9.6 million in the Broadview Hotel, including debt. The Broadview Hotel is within the neighbourhood of numerous condominium projects developed by Dream over the last few years, located in the east end of downtown Toronto.
Capital Structure & Financing
- During the three months ended September 30, 2016, Firelight Infrastructure Fund LP (“Firelight”), a closed-ended renewable energy fund which we co-manage, successfully completed the re-financing of $230.9 million of 15-17 year term debt relating to four solar projects taking advantage of current market conditions of low interest rates and a high demand for Canadian operational solar assets. Additional gross proceeds $31.9 million were generated as a result of additional debt financing received, allowing Firelight to distribute $25.4 million of cash to the respective partners (of which Dream’s portion is $5.1 million) in the third quarter of 2016. Dream led the refinancing initiative in its entirety for the benefit of Firelight.
- During the three months ended September 30, 2016, Dream repaid almost $51.0 million of net debt, including $32.0 million of construction loans and $19.0 million under its operating line, reducing its overall debt to asset ratio to 30.8% from 33.1% at June 30, 2016 and 33.6% at December 31, 2015.
- Subsequent to September 30, 2016, we renewed our revolving term credit facility with a syndicate of Canadian financial institutions. The operating line bears interest, at the Company’s option, at a rate per annum equal to either the bank’s prime lending rate plus 1.25% or at the bank’s then prevailing bankers’ acceptance rate plus 2.50%. As part of the renewal, the maturity date of the facility was extended from June 30, 2017 to January 31, 2019. As at September 30, 2016, we had $166.9 million of undrawn credit availability on our operating line, up from $123.6 million at December 31, 2015, providing the Company with ample excess liquidity.
Select financial operating metrics for the three and nine months ended September 30, 2016 are summarized in the table below.
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| (in thousands of dollars, except average selling price and units) | 2016 | 2015 | 2016 | 2015 | ||||||||
| LAND DEVELOPMENT | ||||||||||||
| Lot revenue | $ | 25,167 | $ | 34,974 | $ | 36,697 | $ | 54,765 | ||||
| Acre revenue(1) | $ | – | $ | 5,993 | $ | 41,386 | $ | 19,066 | ||||
| Total revenue(1) | $ | 25,167 | $ | 40,967 | $ | 78,083 | $ | 73,831 | ||||
| Gross margin(1) | $ | 12,992 | $ | 15,603 | $ | 43,270 | $ | 32,193 | ||||
| Gross margin (%) | 51.6 | % | 38.1 | % | 55.4 | % | 43.6 | % | ||||
| Net margin(1) | $ | 8,567 | $ | 13,127 | $ | 32,211 | $ | 24,380 | ||||
| Net margin (%) | 34.0 | % | 32.0 | % | 41.3 | % | 33.0 | % | ||||
| Lots sold | 191 | 285 | 285 | 456 | ||||||||
| Average selling price – lot | $ | 132,000 | $ | 123,000 | $ | 129,000 | $ | 120,000 | ||||
| Undeveloped acres sold | – | – | 176 | 45 | ||||||||
| Developed acres sold | – | 7 | – | 24 | ||||||||
| Average selling price – undeveloped acres | – | – | 235,000 | 19,000 | ||||||||
| Average selling price – developed acres | – | 850,000 | – | 759,000 | ||||||||
| HOUSING DEVELOPMENT | ||||||||||||
| Housing units occupied | 43 | 62 | 87 | 168 | ||||||||
| Revenue(1) | $ | 15,589 | $ | 25,269 | $ | 31,943 | $ | 67,515 | ||||
| Gross margin(1) | $ | 3,090 | $ | 4,971 | $ | 6,131 | $ | 12,651 | ||||
| Gross margin (%) | 19.8 | % | 19.7 | % | 19.2 | % | 18.7 | % | ||||
| Net margin(1) | $ | (49 | ) | $ | 1,596 | $ | (2,486 | ) | $ | 3,337 | ||
| Net margin (%) | (0.3 | %) | 6.3 | % | (7.8 | %) | 4.9 | % | ||||
| Average selling price – housing units | $ | 363,000 | $ | 408,000 | $ | 367,000 | $ | 402,000 | ||||
| Average selling price – per square foot for units occupied | $ | 248 | $ | 282 | $ | 261 | $ | 282 | ||||
| TORONTO CONDOMINIUM DEVELOPMENT | ||||||||||||
| Attributable to Dream, including equity accounted investments | ||||||||||||
| Condominium occupancies – units(3) | 193 | 196 | 606 | 196 | ||||||||
| Revenue(3) | $ | 75,286 | $ | 62,655 | $ | 221,299 | $ | 64,673 | ||||
| Gross margin(2)(3) | $ | 22,451 | $ | 14,721 | $ | 55,235 | $ | 16,675 | ||||
| Gross margin (%) | 29.8 | % | 23.5 | % | 25.0 | % | 25.8 | % | ||||
| Net margin(3) | $ | 17,515 | $ | 11,514 | $ | 39,274 | $ | 9,876 | ||||
| Net margin (%) | 23.3 | % | 18.4 | % | 17.7 | % | 15.3 | % | ||||
| Average selling price of condominiums occupied | ||||||||||||
| Per unit(3) | $ | 379,000 | $ | 306,000 | $ | 349,000 | $ | 306,000 | ||||
| Per square foot(3) | $ | 535 | $ | 470 | $ | 511 | $ | 470 | ||||
| ASSET MANAGEMENT AND MANAGEMENT SERVICES | ||||||||||||
| Fee earning assets under management(4) | $ | 5,087,000 | $ | 4,947,000 | $ | 5,087,000 | $ | 4,947,000 | ||||
| Revenue | $ | 7,294 | $ | 7,030 | $ | 42,278 | $ | 24,595 | ||||
| Net margin(4) | $ | 5,098 | $ | 4,543 | $ | 34,974 | $ | 18,362 | ||||
| Net margin (%) | 69.9 | % | 64.6 | % | 82.7 | % | 74.7 | % | ||||
| INVESTMENT INCOME EARNED ON INVESTMENTS IN LISTED FUNDS | ||||||||||||
| Dream Office REIT | $ | 1,622 | $ | 2,622 | $ | 5,133 | $ | 5,661 | ||||
| Other distributions from listed funds | $ | 986 | $ | 411 | $ | 2,110 | $ | 1,474 | ||||
| Interest and other income | $ | 1,411 | $ | 902 | $ | 3,273 | $ | 2,381 | ||||
| Total | $ | 4,019 | $ | 3,935 | $ | 10,516 | $ | 9,516 | ||||
| INVESTMENT AND RECREATIONAL PROPERTIES | ||||||||||||
| Attributable to Dream, excluding equity accounted investments | ||||||||||||
| Revenue | $ | 6,743 | $ | 7,412 | $ | 35,897 | $ | 33,702 | ||||
| Net margin(5) | $ | (2,022 | ) | $ | (1,976 | ) | $ | 6,872 | $ | 4,256 | ||
| Net margin (%) | (30.0 | %) | (26.7 | %) | 19.1 | % | 12.6 | % | ||||
| (1) | Results include land revenues and net margin on internal lot sales to our housing division as the homes have been sold to external customers by the housing division during the year. The revenue and net margin recognized in both the land and housing divisions, have been eliminated on consolidation. For more details, please refer to page 12 and 13 of our MD&A for the quarter ended September 30, 2016. |
| (2) | Gross margin for condominium operations include interest expense, which is capitalized during the development period and expensed through cost of sale as units are occupied. |
| (3) | Condominium results include results from equity accounted investments. For further details refer to page 20 of our MD&A for the quarter ended September 30, 2016. |
| (4) | Assets under management and fee earning assets under management are non-IFRS measures used by Management in evaluating operating performance. Please refer to the cautionary statements under the heading “Non-IFRS Measures” in this press release. |
| (5) | Net margin for investment and recreational properties includes depreciation expense. |
Other Information
Information appearing in this press release is a select summary of results. The financial statements and MD&A for the Company are available at www.dream.ca and on www.sedar.com.
Conference Call
Senior management will now host semi-annual conference calls. For further details on upcoming events, please go to Dream’s website at www.dream.ca and click on the link for News and Events, then click on Calendar of Events. A taped replay of the conference call and the webcast will be available for 90 days.
About Dream Unlimited Corp.
Dream is one of Canada’s leading real estate companies with approximately $14.5 billion of assets under management in North America and Europe. The scope of the business includes residential land development, housing and condominium development, asset management for four TSX-listed trusts, investments in and management of Canadian renewable energy infrastructure and commercial property ownership. Dream has an established track record for being innovative and for its ability to source, structure and execute on compelling investment opportunities.
Non-IFRS Measures
Dream’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, Dream discloses and discusses certain non-IFRS financial measures, including: assets under management, fee earning assets under management and debt-to-total assets as well as other measures discussed elsewhere in this release. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. Dream has presented such non-IFRS measures as Management believes they are relevant measures of our underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to comparable metrics determined in accordance with IFRS as indicators of Dream’s performance, liquidity, cash flow, and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to the “Non-IFRS Measures” section in Dream’s MD&A for the three and nine months ended September 30, 2016.
Forward Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to, statements regarding the timing of condominium occupancies and closings, timing of leasing retail developments, our development plans and proposals for future condominium & mixed-use projects and future stages of current condominium & mixed-use projects, development timelines and anticipated returns on current and future condominium & mixed-use projects, anticipated current and future lot and acre sales, expected backlog and housing occupancies, projected population and density in our housing developments, anticipated charges and savings to be incurred in connection with our recent operational enhancement program, timing of opening of the Broadview Hotel, performance of the land development, housing development, condominium & mixed-use development and retail & commercial developments divisions, anticipated pre-sales activity in the land development business, net margin for the land development division for the current year, and our financial performance and liquidity for the current year. 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’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to: the nature of development lands held and the development potential of such lands, our ability to bring new developments to market, anticipated positive general economic and business conditions, including low unemployment and interest rates, positive net migration, oil and gas commodity prices, our business strategy, including geographic focus, anticipated sales volumes, performance of our underlying business segments and conditions in the Western Canada land and housing markets. Risks and uncertainties include, but are not limited to, general and local economic and business conditions, employment levels, regulatory risks, mortgage rates and regulations, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. All forward looking information in this press release speaks as of November 14, 2016. Dream does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com).
Michael J. Cooper
Chief Responsible Officer
(416) 365-5145
[email protected]
Dream Unlimited Corp.
Pauline Alimchandani
Chief Financial Officer
(416) 365-5992
[email protected]
