Dream Unlimited Corp. Provides Supplemental Earnings Information
15 Mayo 2020 - 6:56AM
Dream Unlimited Corp. (TSX: DRM) (“Dream”, “the Company” or
“we”) today announced supplemental information to the
Company’s financial results for the three months ended March 31,
2020.
The Company is providing further information
regarding the composition of Dream’s earnings for the period as
follows:
| |
|
|
|
|
Three months ended March 31,
2020 |
|
| (in
thousands of dollars) |
Asset Management |
Stabilized Properties |
|
|
Arapahoe Basin |
Dream standalone(1) |
Dream Alternatives & Consolidation and fair value
adjustments(1) |
|
Total Recurring Income – Dream consolidated |
|
|
Revenue |
$ |
11,171 |
|
$ |
5,407 |
|
$ |
14,783 |
|
$ |
31,361 |
|
$ |
5,272 |
|
$ |
36,633 |
|
|
Net margin |
$ |
5,471 |
|
$ |
1,652 |
|
$ |
4,864 |
|
$ |
11,987 |
|
$ |
2,691 |
|
$ |
14,678 |
|
| |
|
|
|
|
|
Three months ended March 31, 2019 |
|
| (in
thousands of dollars) |
Asset Management |
Stabilized Properties |
ArapahoeBasin |
Dream standalone(1) |
Dream Alternatives & Consolidation and fair value
adjustments(1) |
|
Total Recurring Income – Dream consolidated |
|
| Revenue |
$ |
12,935 |
|
$ |
5,493 |
|
$ |
18,645 |
|
$ |
37,073 |
|
$ |
11,500 |
|
$ |
48,573 |
|
|
Net margin |
$ |
7,516 |
|
$ |
2,258 |
|
$ |
7,777 |
|
$ |
17,551 |
|
$ |
5,157 |
|
$ |
22,708 |
|
| |
|
|
|
|
Three months ended March 31, 2020 |
|
| (in
thousands of dollars) |
Urban development |
Western Canada Community development |
Dreamstandalone(1) |
Dream Alternatives & Consolidation and fair value
adjustments(1) |
|
Total Development – Dream consolidated |
|
|
Revenue |
$ |
47,179 |
|
$ |
92,825 |
|
$ |
140,004 |
|
$ |
(182) |
|
$ |
139,822 |
|
|
Net margin |
$ |
1,574 |
|
$ |
42,725 |
|
$ |
44,299 |
|
$ |
(350) |
|
$ |
43,949 |
|
| |
|
|
|
|
Three months ended March 31, 2019 |
|
| (in
thousands of dollars) |
Urban development |
Western Canada Community development |
Dreamstandalone(1) |
Dream Alternatives & Consolidation and fair value
adjustments(1) |
|
Total Development – Dream consolidated |
|
| Revenue |
$ |
1,269 |
|
$ |
7,508 |
|
$ |
8,777 |
|
$ |
(393) |
|
$ |
8,384 |
|
|
Net margin |
$ |
(776) |
|
$ |
(2,571) |
|
$ |
(3,347) |
|
$ |
(393) |
|
$ |
(3,740) |
|
| |
|
(1) Dream standalone, Dream Alternatives,
and Consolidation and fair value adjustments are non-IFRS measures.
Refer to the “Non-IFRS Measures” section of |
|
our MD&A for further
details. |
Refer to Management’s Discussion & Analysis
for the three months ended March 31, 2020 for further details on
the Company’s financial results.
Other InformationInformation
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.
About Dream Unlimited Corp.
Dream is a leading developer of exceptional
office and residential assets in Toronto, owns stabilized income
generating assets in both Canada and the U.S., and has an
established and successful asset management business, inclusive of
$9 billion of assets under management across three Toronto Stock
Exchange (“TSX”) listed trusts and numerous partnerships. We also
develop land and residential assets in Western Canada for immediate
sale. Dream expects to generate more recurring income in the future
as its urban development properties are completed and held for the
long term. Dream has a proven track record for being innovative and
for our ability to source, structure and execute on compelling
investment opportunities. A comprehensive overview of our holdings
is included in the “Summary of Dream's Assets & Holdings”
section of our MD&A.
Dream Unlimited Corp.
|
Meaghan Peloso |
Kim Lefever |
| VP & Chief Accounting
Officer |
Director, Investor Relations |
| (416) 365-6322 |
(416) 365-6339 |
| mpeloso@dream.ca |
klefever@dream.ca |
Non-IFRS Measures
Dream’s 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: Dream
standalone and assets under management, 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
months ended March 31, 2020.
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