Dream Impact Trust Provides a Business Update

Core Viewpoint - Dream Impact Trust has made significant progress in its business plan, focusing on liquidity, development, and strategic initiatives, with a five-year strategic plan approved by the board of trustees [1][2]. Strategic Business Plan - The strategic plan aims to develop two milestone projects, 49 Ontario and Quayside, while continuing to develop Zibi and Brightwater, with a target of owning approximately 2,300 residential rental units by 2030 [2]. - The multi-family segment is expected to comprise about 90% of the Trust's value, with 72% of debt financed through CMHC Affordable Construction Loan Program and 9% through MLI Select CMHC financing [2]. 49 Ontario Development - 49 Ontario is a 1,226-unit rental development, including 308 affordable units, with construction commenced and secured 20-year government-affiliated financing [4][5]. - The project is expected to benefit from federal and municipal waivers on HST and development charges, leading to potential project savings [6][10]. - The loan's principal balance is projected to decline by approximately 13% over its term, with net operating income expected to increase by about 63% assuming a 2.5% annual rental growth [7]. Quayside Development - Quayside is estimated to be nine months behind 49 Ontario, with over 1,100 market rental units and 500 affordable housing units planned [11]. - The project is also expected to benefit from similar waivers and construction savings as 49 Ontario [11]. Financial Position and Debt Management - The Trust has reduced its land loans from $237 million to $144 million, with an additional reduction of $56 million expected in 2026 [12]. - A $15 million loan from Dream Asset Management Corporation is expected to be upsized to $50 million in early 2026, demonstrating continued support [13]. - The Trust has extended the maturity of its 5.50% convertible debentures to 2031, with an increased interest rate of 6.50% [16]. Management and Governance - Ms. Karine MacIndoe is retiring from the board of trustees, allowing for a focus on other commitments [18].