Dream Unlimited Corp. Reports Strong Third Quarter Results Driven Primarily by Toronto Condominium Developments
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/14/16 -- 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.
Key Results Highlights: Condominium & Mixed-Use Development
Canary District Condominiums Fully Sold Out and Expected to Close in the Fourth Quarter of 2016:
Success in Repatriating Capital From the Condominium Division in 2016:
New Partnership Investment in Lakeshore East Development site with Great Gulf Residential:
Land & Housing - Strong Pre-Sales Activity for 2017:
Key Advancements & Updates in Western Canada
Approvals in Western Canada:
Asset Management:
Update on Retail & Commercial Development Projects in Western Canada & Investment & Recreational Properties
Capital Structure & Financing
Select financial operating metrics for the three and nine months ended September 30, 2016 are summarized in the table below.
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 and on .
Conference Call
Senior management will now host semi-annual conference calls. For further details on upcoming events, please go to Dream''s website at 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 ().
Contacts:
Dream Unlimited Corp.
Michael J. Cooper
Chief Responsible Officer
(416) 365-5145
Dream Unlimited Corp.
Pauline Alimchandani
Chief Financial Officer
(416) 365-5992
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Datum: 14.11.2016 - 19:23 Uhr
Sprache: Deutsch
News-ID 1469899
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