DREAM Unlimited (DRM) Q1 2026 earnings summary

Executive summary

• Q1 2026 results showed improved margins and narrowed net loss to CAD 4.8 million, with strong performance in asset management and income properties, and continued development activity in Western Canada.

• Assets under management reached $28 billion as of March 31, 2026, with 75% in industrial and residential assets.

• Book value per share stood at $27.99, with a share price of $19.62 as of May 11, 2026.

• Over $900 million in industrial and residential assets acquired or under contract, supporting a strong pipeline.

• Dividend increased for the seventh consecutive year, and share buybacks continued.

Financial highlights

• Core divisions delivered CAD 19.6 million in margin, up 12% year-over-year.

• Asset management revenue and net margin rose to $15.6 million and $12.2 million, up from $13.0 million and $9.3 million year-over-year.

• Income properties revenue and NOI were $13.5 million and $7.0 million, up from $12.2 million and $6.6 million year-over-year.

• Net margin improved to $12.3 million (18.3%) from $9.2 million (13.4%) year-over-year.

• Shareholder returns included $7.4 million in dividends and $7.7 million in share repurchases in Q1.

Outlook and guidance

• Revenue of CAD 138.9 million from land sales locked in for 2026, in addition to CAD 13.3 million recognized in Q1.

• 951 rental units under construction, with at least 200 more expected to start in 2026 and completion by end of 2027.

• Majority of Western Canada development income expected in the second half of the year due to seasonality.

• Assets under management expected to grow, supported by a $5 billion buying capacity and robust deal pipeline.

• Ongoing expansion of income properties portfolio, with 2,133 units and 887,000 sq ft of GLA projected by 2028.