Dream Impact Trust Reports Third Quarter 2025 Results

Core Insights - Dream Impact Trust reported its financial results for the third quarter of 2025, highlighting strong leasing activity and progress in development projects despite challenging housing market conditions [2][3]. Financial Performance - The Trust experienced a net loss of CAD 10.3 million in Q3 2025, compared to a loss of CAD 7.6 million in Q3 2024, primarily due to deferred tax recovery and timing of condo occupancies [6][7]. - The recurring income segment reported a net loss of CAD 6.1 million, an improvement from CAD 7.0 million in the prior year, driven by higher NOI from multi-family assets [7]. - The multi-family rental properties segment achieved a same property NOI of CAD 1.7 million, consistent with the prior year, while NOI from assets in lease-up increased to CAD 0.6 million from CAD 0.3 million [8][9]. Operational Highlights - As of October 31, 2025, the Trust's purpose-built rental assets reached over 90% occupancy, a 15% increase since June 30, 2025, with 1,344 units in total [3]. - The Trust is advancing the development of 49 Ontario St, with demolition expected to commence soon, and plans for Quayside development are on track for the second half of 2026 [3][4]. - The multi-family portfolio comprised 2,973 units, with 92% leased, including over 1,300 units in the lease-up phase expected to contribute to NOI [9]. Liquidity and Debt Management - The Trust reduced its land loan exposure by over CAD 100 million in 2025 and extended the maturity of a CAD 30 million convertible debenture to 2031 [4][19]. - As of September 30, 2025, the Trust had total cash of CAD 7.6 million and a debt-to-asset value ratio of 41.8%, slightly up from 41.3% at the end of Q2 2025 [18][19]. - The Trust's consolidated debt stood at CAD 273.0 million, with a significant decrease in debt maturing in 2025 due to loan extensions and repayments [19][27].