Dream Unlimited Corp. Reports Strong 2016 Results & Record Margin Contribution From Condominium Development
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 02/28/17 -- 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 twelve months ended December 31, 2016. Basic earnings per share ("EPS") for the three months ended December 31, 2016 was $0.24, up from $0.15 for the three months ended December 31, 2015. Basic EPS for the twelve months ended December 31, 2016 was $0.85, up from $0.57 in the prior year, excluding the one-time gain of $0.97 per share realized on the reorganization of an asset management agreement in 2015. At December 31, 2016, the Company''s total equity increased to $831.5 million ($7.39 per share), up 16% from $717.9 million ($6.38 per share) and doubled 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 approximately 22%.
Michael Cooper, President & Chief Responsible Officer of Dream commented: "We had a significant year in 2016, delivering strong financial results, successfully repatriating our capital and profits from delivering and closing over 1,450 condominium units in downtown Toronto, executing on several acquisitions of incredible future residential, mixed-use and commercial development sites in Toronto, securing the highest ever future sale commitments within our land business in Western Canada and ending the year with a strong liquidity position. Since our first reporting period as a public company three and a half years ago, we have almost doubled our book equity per share, which demonstrates our ability to: source and execute on compelling investment and transaction opportunities; operate with excellence through increased volatility in Western Canada; and deliver strong returns to our shareholders through operating a diversified business."
A summary of our results for the three and twelve months ended December 31, 2016 is included in the table below.
Key Results Highlights: Condominium & Mixed-Use Development
Toronto Condominium and Mixed-Use Development Projects Deliver Record Margin Contribution
Other Notable Land Acquisitions in the GTA
Key Results & Approval Highlights: Land & Housing
Strong Lot Backlog with Commitments Already Secured for 570 Lots and 15 Acres for 2017 Sales
Asset Management
Retail Developments, Investment and Recreational Properties
Strong Liquidity Position & Update on Increased Unencumbered Investment in Publicly Listed Funds
Other Notable Financing Activities
Select financial operating metrics for the three and twelve months ended December 31, 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 host a conference call on March 1, 2017 at 9:00 am. (ET). To access the call, please dial 1-888-465-5079 in Canada and the United States or 416-216-4169 elsewhere and use passcode 8288 978#. To access the conference call via webcast, 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 $14.0 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 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: Net margin (%); earnings for the period, excluding reorganization of an asset management contract; basic earnings per share, excluding reorganization of an asset management contract; lot revenue; acre revenue; Condominium Development revenue, gross margin and net margin attributable to Dream, direct and equity accounted investments; fee earning assets under management; development yield; stabilized net operating income (NOI); and debt to total assets ratio, 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 year ended December 31, 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 our objectives and strategies to achieve those objectives; future land acquisitions and financings and the timing thereof; our project and development plans, including future residential and commercial densities and expected project sizes and timelines; the expected size and development yields of our retail projects and the value of such projects upon completion; and our expansion plans for recreational properties and the anticipated effect on revenue. 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 February 28, 2017. 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
President & Chief Responsible Officer
(416) 365-5145
Dream Unlimited Corp.
Pauline Alimchandani
Chief Financial Officer
(416) 365-5992
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Datum: 28.02.2017 - 19:54 Uhr
Sprache: Deutsch
News-ID 1489512
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