Reported Earnings • Aug 13
Second quarter 2026 earnings released: CA$0.021 loss per share (vs CA$0.59 loss in 2Q 2025) Second quarter 2026 results: CA$0.021 loss per share (improved from CA$0.59 loss in 2Q 2025). Revenue: CA$75.6m (up 11% from 2Q 2025). Net loss: CA$865.0k (loss narrowed 97% from 2Q 2025). Revenue is forecast to stay flat during the next 2 years compared to a 10% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Aug 12
New major risk - Revenue and earnings growth Earnings have declined by 16% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings have declined by 16% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. Announcement • Jul 13
Dream Unlimited Corp. to Report Q2, 2026 Results on Aug 11, 2026 Dream Unlimited Corp. announced that they will report Q2, 2026 results on Aug 11, 2026 Upcoming Dividend • Jun 08
Upcoming dividend of CA$0.17 per share Eligible shareholders must have bought the stock before 15 June 2026. Payment date: 30 June 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.2%). Declared Dividend • May 24
First quarter dividend of CA$0.17 announced Shareholders will receive a dividend of CA$0.17. Ex-date: 15th June 2026 Payment date: 30th June 2026 Dividend yield will be 4.2%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (60% cash payout ratio). The dividend has increased by an average of 18% per year over the past 7 years and payments have been stable during that time. Announcement • May 22
Dream Unlimited Corp. Announces Quarterly Class A Subordinate Voting Share and Class B Common Share Dividend, Payable on June 30, 2026 Dream Unlimited Corp. announced that its board of directors has approved the payment of a quarterly dividend of $0.175 per Class A Subordinate Voting Share and Class B Common Share payable on June 30, 2026 to shareholders of record on June 15, 2026. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 8 highly experienced directors. Independent Director James Eaton was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 17
Dream Unlimited Corp. to Report Q1, 2026 Results on May 13, 2026 Dream Unlimited Corp. announced that they will report Q1, 2026 results on May 13, 2026 Announcement • Mar 18
Dream Unlimited Corp., Annual General Meeting, Jun 03, 2026 Dream Unlimited Corp., Annual General Meeting, Jun 03, 2026. Location: ontario, toronto Canada Announcement • Feb 25
Dream Unlimited Corp. Approves an Increase to the Annual Dividend Per Subordinate Voting Share and Class B Share, Payable on March 31, 2026 Dream Unlimited Corp. announced that Subsequent to the fourth quarter, the Company’s Board of Directors approved an increase to the annual dividend per Subordinate Voting Share and Class B Share from $0.65 per share to $0.70 per share, effective with the dividend payable to shareholders on March 31, 2026. Announcement • Jan 30
Dream Unlimited Corp. to Report Q4, 2025 Results on Feb 24, 2026 Dream Unlimited Corp. announced that they will report Q4, 2025 results on Feb 24, 2026 Announcement • Nov 19
Dream Unlimited Corp. Approves the Payment of Quarterly Cash Dividend on Class A Subordinate Voting Share and Class B Common Share, Payable on December 31, 2025 Dream Unlimited Corp. announced that its board of directors has approved the payment of a quarterly cash dividend of $0.1625 per Class A Subordinate Voting Share and Class B Common Share payable on December 31, 2025 to shareholders of record on December 15, 2025. Announcement • Oct 09
Dream Unlimited Corp. to Report Q3, 2025 Results on Nov 11, 2025 Dream Unlimited Corp. announced that they will report Q3, 2025 results on Nov 11, 2025 Announcement • Aug 21
Dream Unlimited Corp. Announces Quarterly Cash Dividend on Class A Subordinate Voting Share and Class B Common Share, Payable on September 30, 2025 Dream Unlimited Corp. announced that its board of directors has approved the payment of a quarterly cash dividend of $0.1625 per Class A Subordinate Voting Share and Class B Common Share payable on September 30, 2025 to shareholders of record on September 15, 2025. Announcement • Jul 18
Dream Unlimited Corp. to Report Q2, 2025 Results on Aug 12, 2025 Dream Unlimited Corp. announced that they will report Q2, 2025 results on Aug 12, 2025 Announcement • Jun 20
Dream Unlimited Corp. Approves Quarterly Cash Dividend for Class A Subordinate Voting Share and Class B Common Share, Payable on June 30, 2025 Dream Unlimited Corp. announced that its board of directors has approved the payment of a quarterly cash dividend of $0.1625 per Class A Subordinate Voting Share and Class B Common Share payable on June 30, 2025 to shareholders of record on June 23, 2025. Announcement • Mar 19
Dream Unlimited Corp., Annual General Meeting, Jun 03, 2025 Dream Unlimited Corp., Annual General Meeting, Jun 03, 2025. Location: ontario, toronto Canada Announcement • Feb 27
Dream Unlimited Corp. announces Quarterly dividend, payable on March 31, 2025 Dream Unlimited Corp. announced Quarterly dividend of CAD 0.1625 per share payable on March 31, 2025, ex-date on March 14, 2025 and record date on March 14, 2025. Announcement • Jan 10
Dream Unlimited Corp. to Report Fiscal Year 2024 Results on Feb 25, 2025 Dream Unlimited Corp. announced that they will report fiscal year 2024 results on Feb 25, 2025 Board Change • Dec 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 6 highly experienced directors. Independent Director James Eaton was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Nov 21
Dream Unlimited Corp. Announces Quarterly Cash Dividend on Class A Subordinate Voting Shares and Class B Common Shares, Payable on December 31, 2024 Dream Unlimited Corp. announced that its board of directors has approved the payment of a quarterly cash dividend of $0.150 per Class A Subordinate Voting Share and Class B Common Share payable on December 31, 2024 to shareholders of record on December 13, 2024. Reported Earnings • Nov 14
Third quarter 2024 earnings released: CA$0.36 loss per share (vs CA$0.092 profit in 3Q 2023) Third quarter 2024 results: CA$0.36 loss per share (down from CA$0.092 profit in 3Q 2023). Revenue: CA$95.7m (down 28% from 3Q 2023). Net loss: CA$15.0m (down 481% from profit in 3Q 2023). Revenue is expected to fall by 18% p.a. on average during the next 3 years compared to a 11% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • Oct 10
Dream Unlimited Corp. to Report Q3, 2024 Results on Nov 12, 2024 Dream Unlimited Corp. announced that they will report Q3, 2024 results on Nov 12, 2024 Declared Dividend • Sep 02
Second quarter dividend of CA$0.15 announced Shareholders will receive a dividend of CA$0.15. Ex-date: 13th September 2024 Payment date: 30th September 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (35% cash payout ratio). The dividend has increased by an average of 20% per year over the past 6 years and payments have been stable during that time. Announcement • Aug 30
Dream Unlimited Corp. Announces Quarterly Class A Subordinate Voting Share and Class B Common Share Dividend, Payable September 30, 2024 Dream Unlimited Corp. announced that its board of directors has approved the payment of a quarterly cash dividend of $0.150 per Class A Subordinate Voting Share and Class B Common Share payable on September 30, 2024 to shareholders of record on September 13, 2024. Announcement • Aug 28
Arkfield completed the acquisition of 10 Lower Spadina from Dream Impact Trust (TSX:MPCT.UN), managed by Dream Unlimited Corp. (TSX:DRM). Arkfield entered into an agreement to acquire 10 Lower Spadina from Dream Impact Trust (TSX:MPCT.UN), managed by Dream Unlimited Corp. (TSX:DRM) on May 6, 2024. The transaction is expected to close in the third quarter of 2024.
Arkfield completed the acquisition of 10 Lower Spadina from Dream Impact Trust (TSX:MPCT.UN), managed by Dream Unlimited Corp. (TSX:DRM) on August 26, 2024. New Risk • Aug 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Dividend per share is over 7x cash flows per share. Earnings are forecast to decline by an average of 6.4% per year for the foreseeable future. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: CA$1.52 (vs CA$1.74 loss in 2Q 2023) Second quarter 2024 results: EPS: CA$1.52 (up from CA$1.74 loss in 2Q 2023). Revenue: CA$178.3m (up 140% from 2Q 2023). Net income: CA$64.2m (up CA$138.4m from 2Q 2023). Profit margin: 36% (up from net loss in 2Q 2023). Revenue is expected to fall by 19% p.a. on average during the next 3 years compared to a 16% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Jul 10
Dream Unlimited Corp. to Report Q2, 2024 Results on Aug 13, 2024 Dream Unlimited Corp. announced that they will report Q2, 2024 results at 4:00 PM, US Eastern Standard Time on Aug 13, 2024 Upcoming Dividend • Jun 10
Upcoming dividend of CA$0.15 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 28 June 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (4.6%). In line with average of industry peers (3.1%). Declared Dividend • May 26
First quarter dividend of CA$0.15 announced Shareholders will receive a dividend of CA$0.15. Ex-date: 14th June 2024 Payment date: 28th June 2024 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 25% per year over the past 5 years and payments have been stable during that time. New Risk • May 22
New major risk - Revenue and earnings growth Earnings have declined by 23% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 23% per year over the past 5 years. Announcement • Apr 09
Dream Unlimited Corp. to Report Q1, 2024 Results on May 14, 2024 Dream Unlimited Corp. announced that they will report Q1, 2024 results on May 14, 2024 Announcement • Apr 02
Dream Unlimited Corp. Appoints Meaghan Peloso as Chief Financial Officer Dream Unlimited Corp. announced the appointment of Ms. Meaghan Peloso as new Chief Financial Officer, effective April 1, 2024. Prior to her appointment as Chief Financial Officer, Ms. Peloso held progressively senior roles within Dream, including acting Chief Financial Officer and Vice-President and Chief Accounting Officer of Dream. Prior to joining Dream, Ms. Peloso worked in the Audit and Assurance practice at PricewaterhouseCoopers LLP. Ms. Peloso is a Chartered Professional Accountant. Ms. Peloso also currently serves as the Chief Financial Officer of Dream Impact Trust and will continue in this role. Ms. Peloso replaces Ms. Deborah Starkman, whose retirement was announced in February 2024. Announcement • Mar 19
Dream Unlimited Corp., Annual General Meeting, Jun 12, 2024 Dream Unlimited Corp., Annual General Meeting, Jun 12, 2024. Declared Dividend • Mar 08
Fourth quarter dividend of CA$0.15 announced Shareholders will receive a dividend of CA$0.15. Ex-date: 14th March 2024 Payment date: 28th March 2024 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 25% per year over the past 5 years and payments have been stable during that time. Reported Earnings • Feb 22
Full year 2023 earnings released: CA$2.74 loss per share (vs CA$3.86 profit in FY 2022) Full year 2023 results: CA$2.74 loss per share (down from CA$3.86 profit in FY 2022). Revenue: CA$386.9m (up 13% from FY 2022). Net loss: CA$117.1m (down 171% from profit in FY 2022). Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 13% decline forecast for the Real Estate industry in Germany. Announcement • Jan 26
Dream Unlimited Corp. to Report Q4, 2023 Results on Feb 21, 2024 Dream Unlimited Corp. announced that they will report Q4, 2023 results at 4:00 PM, US Eastern Standard Time on Feb 21, 2024 Upcoming Dividend • Dec 07
Upcoming dividend of CA$0.13 per share at 2.5% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 29 December 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (3.4%). Announcement • Nov 22
Dream Unlimited Corp. Announces Quarterly Class A Subordinate Voting Share and Class B Common Share Dividend, Payable on December 29, 2023 Dream Unlimited Corp. announced that its board of directors has approved the payment of a quarterly cash dividend of $0.125 per Class A Subordinate Voting Share and Class B Common Share payable on December 29, 2023 to shareholders of record on December 15, 2023. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: CA$0.092 (vs CA$2.27 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.092 (down from CA$2.27 in 3Q 2022). Revenue: CA$132.5m (up 141% from 3Q 2022). Net income: CA$3.93m (down 96% from 3Q 2022). Profit margin: 3.0% (down from 176% in 3Q 2022). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 14% decline forecast for the Real Estate industry in Germany. New Risk • Nov 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 327% Paying a dividend despite having no free cash flows. Earnings have declined by 7.7% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.6% net profit margin). Announcement • Oct 15
Dream Unlimited Corp. to Report Q3, 2023 Results on Nov 14, 2023 Dream Unlimited Corp. announced that they will report Q3, 2023 results at 4:00 PM, US Eastern Standard Time on Nov 14, 2023 Announcement • Sep 26
Dream Unlimited Corp. Announces Plans to Develop 5,000 Purpose-built Rental Suites Across Canada, After Federal Government Tables New GST Legislation Dream Unlimited Corp. announced plans to deliver 5,000 new purpose-built rental units in urban centres across Canada. These government announcements establish a newfound ability for the entire development industry ecosystem to partner with all levels of government, not-for-profit and private sector organizations to collectively address the affordability crisis by increasing the amount of market and affordable rental units available to Canadians. In the next 6 months, Dream can advance its shovel ready projects, which includes 1,350 units. In Ottawa, Dream will be advancing 1,010 units of which 43% – equivalent to 438 units – will be dedicated as affordable. Rents for the Ottawa units will range from 59% of median market rent to market rents, contributing to 7% of the city’s targeted annual construction starts of 15,000 units. In addition, Dream will bring 340 units in Saskatoon. By 2025, Dream will be able to advance another 3,700 units across Ottawa, Toronto, Calgary, and Saskatoon. Upcoming Dividend • Sep 07
Upcoming dividend of CA$0.13 per share at 2.3% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 29 September 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.5%). Announcement • Aug 19
Dream Unlimited Corp. Approves the Payment of Quarterly Cash Dividend for Class A Subordinate Voting Share and Class B Common Share, Payable on September 29, 2023 DREAMUNLIMITED CORP. announced that its board of directors has approved the payment of a quarterly cash dividend of $0.125 per Class A Subordinate Voting Share and Class B Common Share payable on September 29, 2023 to shareholders of record on September 15, 2023. New Risk • Aug 09
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 290% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 290% Paying a dividend despite having no free cash flows. Earnings have declined by 7.7% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.6% net profit margin). Reported Earnings • Aug 09
Second quarter 2023 earnings released: CA$1.73 loss per share (vs CA$1.80 profit in 2Q 2022) Second quarter 2023 results: CA$1.73 loss per share (down from CA$1.80 profit in 2Q 2022). Revenue: CA$74.4m (up 9.7% from 2Q 2022). Net loss: CA$74.3m (down 197% from profit in 2Q 2022). Revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 14% decline forecast for the Real Estate industry in Germany. Announcement • Jul 18
Dream Unlimited Corporation to Report Q2, 2023 Results on Aug 08, 2023 Dream Unlimited Corporation announced that they will report Q2, 2023 results on Aug 08, 2023 Upcoming Dividend • Jun 07
Upcoming dividend of CA$0.13 per share at 2.3% yield Eligible shareholders must have bought the stock before 14 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 12% but the company is paying out more than the cash it is generating. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.5%). Announcement • May 19
Dream Unlimited Corp. Announces Quarterly Class A Subordinate Voting Share and Class B Common Share Dividend, Payable on June 30, 2023 Dream Unlimited Corp. announced that its board of directors has approved the payment of a quarterly cash dividend of $0.125 per Class A Subordinate Voting Share and Class B Common Share payable on June 30, 2023 to shareholders of record on June 15, 2023. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: CA$0.81 (vs CA$0.99 in 1Q 2022) First quarter 2023 results: EPS: CA$0.81 (down from CA$0.99 in 1Q 2022). Revenue: CA$72.2m (up 36% from 1Q 2022). Net income: CA$34.6m (down 18% from 1Q 2022). Profit margin: 48% (down from 79% in 1Q 2022). Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 22% decline forecast for the Real Estate industry in Germany. Upcoming Dividend • Mar 07
Upcoming dividend of CA$0.13 per share at 1.9% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 31 March 2023. Payout ratio is a comfortable 10% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.9%). Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: CA$3.86 (vs CA$2.52 in FY 2021) Full year 2022 results: EPS: CA$3.86 (up from CA$2.52 in FY 2021). Revenue: CA$343.8m (up 5.5% from FY 2021). Net income: CA$164.4m (up 50% from FY 2021). Profit margin: 48% (up from 34% in FY 2021). Announcement • Jan 27
Dream Unlimited Corp. to Report Q4, 2022 Results on Feb 21, 2023 Dream Unlimited Corp. announced that they will report Q4, 2022 results at 12:30 PM, US Eastern Standard Time on Feb 21, 2023 Upcoming Dividend • Dec 07
Upcoming dividend of CA$0.60 per share Eligible shareholders must have bought the stock before 14 December 2022. Payment date: 30 December 2022. Payout ratio is a comfortable 5.8% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (6.1%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: CA$2.27 (vs CA$0.79 in 3Q 2021) Third quarter 2022 results: EPS: CA$2.27 (up from CA$0.79 in 3Q 2021). Revenue: CA$55.1m (up 20% from 3Q 2021). Net income: CA$96.7m (up 180% from 3Q 2021). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% decline forecast for the Real Estate industry in Germany. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 6 highly experienced directors. Independent Director James Eaton was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: CA$2.27 (vs CA$0.79 in 3Q 2021) Third quarter 2022 results: EPS: CA$2.27 (up from CA$0.79 in 3Q 2021). Revenue: CA$55.1m (up 20% from 3Q 2021). Net income: CA$96.7m (up 180% from 3Q 2021). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% decline forecast for the Real Estate industry in Germany. Upcoming Dividend • Sep 07
Upcoming dividend of CA$0.10 per share Eligible shareholders must have bought the stock before 14 September 2022. Payment date: 30 September 2022. Payout ratio is a comfortable 6.8% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.1%). Reported Earnings • Aug 12
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: CA$67.8m (down 15% from 2Q 2021). Net income: CA$76.7m (up CA$77.2m from 2Q 2021). Over the next year, revenue is forecast to grow 16% compared to a 46% decline forecast for the industry in Germany. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €25.80, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Real Estate industry in Germany. Upcoming Dividend • Jun 07
Upcoming dividend of CA$0.10 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 9.4% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (4.2%). Lower than average of industry peers (4.0%). Reported Earnings • May 13
First quarter 2022 earnings released First quarter 2022 results: Revenue: CA$53.2m (up 6.3% from 1Q 2021). Net income: CA$42.2m (up CA$46.6m from 1Q 2021). Profit margin: 79% (up from net loss in 1Q 2021). Over the next year, revenue is forecast to stay flat compared to a 41% decline forecast for the industry in Germany. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 3 highly experienced directors. Independent Director James Eaton was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Feb 24
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: CA$325.9m (down 6.2% from FY 2020). Net income: CA$110.0m (down 31% from FY 2020). Profit margin: 34% (down from 46% in FY 2020). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 12%. Over the next year, revenue is expected to shrink by 16% compared to a 25% decline forecast for the industry in Germany. Recent Insider Transactions • Dec 25
Insider recently sold €86k worth of stock On the 23rd of December, Karine MacIndoe sold around 3k shares on-market at roughly €24.91 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 11
Third quarter 2021 earnings released The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: CA$46.1m (down 24% from 3Q 2020). Net income: CA$34.6m (up CA$39.6m from 3Q 2020). Profit margin: 75% (up from net loss in 3Q 2020). Reported Earnings • Aug 14
Second quarter 2021 earnings released: CA$0.011 loss per share (vs CA$0.23 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: CA$79.7m (up 28% from 2Q 2020). Net loss: CA$467.0k (down 104% from profit in 2Q 2020). Announcement • Jul 16
Dream Impact Trust (TSX:MPCT.UN) managed by Dream Unlimited Corp. (TSX:DRM) entered into agreements to acquire 33% stake in 900 Existing Multi-Family Residential Units in the City of Toronto for approximately CAD 380 million. Dream Impact Trust (TSX:MPCT.UN) managed by Dream Unlimited Corp. (TSX:DRM) entered into agreements to acquire 33% stake in 900 Existing Multi-Family Residential Units in the City of Toronto for approximately CAD 380 million on July 15, 2021. Transaction is anticipated to be funded with CAD 279 million of debt. Transaction is subject to board approval. The Acquisitions will immediately contribute recurring income for the Trust and are anticipated to close within the third quarter of 2021. 
