Canada's Dream Unlimited Q4 revenue rises

Overview

• Canada real estate developer's Q4 revenue grew yr/yr

• Company announced C$3 bln joint venture with CPP Investments for industrial assets in Q4

• Company repurchased shares and increased annual dividend to C$0.70 per share

Outlook

• Dream expects to recognize C$149.9 mln in sales commitments between 2026 and 2027

• Company aims to maintain strong liquidity and address refinancing needs in 2026

• Dream anticipates growth in asset management through the Dream DCI JV

Result Drivers

• JOINT VENTURE IMPACT - Formation of $3 bln joint venture with CPP Investments and DIR boosted asset management revenue, with C$44.8 mln incentive fee income

• WESTERN CANADA SALES - Strong lot and acre sales in Western Canada improved net margins, driven by product mix

• LEASE-UP ACTIVITY - Strong lease-up activity in Saskatoon boosted income properties' net operating income

Company press release: ID:nBwyccYda

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the real estate rental, development & operations peer group is "buy"

• Wall Street's median 12-month price target for Dream Unlimited Corp is C$33.00, about 56% above its February 23 closing price of C$21.16

• The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 18 three months ago

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