Core Insights - Dream Unlimited Corp. reported solid financial results for the third quarter of 2025, with expectations for a strong fourth quarter driven by lot and acre sales [2][3] - The company has made significant progress in its development projects, particularly with the launch of Coopertown, a 1,200-acre community in Northwest Regina [2][3] - The asset management division continues to grow, with $28 billion in assets under management (AUM) as of September 30, 2025, and positive base fee growth year over year [3][12] Financial Performance - Revenue for the third quarter of 2025 was CAD 114.6 million, compared to CAD 95.7 million in the same period of 2024, representing a year-over-year increase of 19.7% [6] - Net margin for the third quarter was CAD 27.2 million, or 23.7% of revenue, up from CAD 14.9 million (15.6% margin) in the prior year [6][8] - Loss before income taxes for the third quarter was CAD 16.9 million, a nominal change from the comparative period [8] Asset Management Division - The asset management division generated revenue of CAD 14.5 million and a net margin of CAD 11.0 million in the third quarter, compared to CAD 13.8 million and CAD 6.6 million in the prior period [8] - Dream Residential REIT announced an acquisition agreement at USD 10.80 per unit, representing an 18% premium to the closing price prior to the announcement, expected to generate over CAD 35 million in gross proceeds for Dream [3][8] Development Projects - The company has commenced site servicing for the first phase of Coopertown, with 150 lots pre-sold to date, excluding those allocated to the home division [2][3] - The development market in Toronto remains challenging, but the company is advancing key projects such as 49 Ontario and Quayside [2][3] Occupancy and Leasing - As of September 30, 2025, occupancy across completed apartment buildings was 82.3%, an increase from 80.3% in the previous quarter [4] - The company is seeing increased leasing activity across its completed apartments and those managed on behalf of clients [4] Liquidity and Debt Management - As of September 30, 2025, the company had available liquidity of CAD 327.7 million and CAD 221.0 million of contractual debt maturities expected over the next 12 months [8] - The company is in advanced discussions with lenders regarding debt maturities and aims to increase liquidity over time [8]