Dream Unlimited Corporation (DRM) 2017年年度报告「TSX」.pdf

1、2017 Annual ReportDream Unlimited Corp.Dream(TSX:DRM)is an award-winning Canadian real estate company with a substantial ownership interest in approximately$14 billion of assets,including three public REITs,a public hard asset fund,private real estate,and an infrastructure fund;and owns about 10,000

2、 acres of land for master-planned communities as well as land for 10,000 condominiums and mixed-use buildings primarily in Toronto.Letter to ShareholdersWe have had another remarkable year at Dream in 2017.Based on the estimated market value of our business determined prior to us going public in 201

3、3 and our internal calculations,we believe Dream has generated a 12%compounded after-tax return for the last five years.These returns were generated despite challenges in Western Canada due to the drop in oil prices,economic changes and declines in the value of suburban office properties.Our financi

4、al results over the past five years have benefited from the diversity of our business lines,the strength of our assets,our operational excellence,strong financial flexibility and the steady execution of our long term capital allocation and growth strategy.In 2017,we made a number of investments in w

5、orld-class developments in Toronto that will create significant value for Dream over the near and long term.These include a 72-acre waterfront property in Port Credit and the iconic Frank Gehry designed Mirvish-King West Development in downtown Toronto.Weve also utilized more of our profits to acqui

6、re stock in Dream Office REIT and Dream Alternatives as both companies have transformed into primarily Toronto-focused development and real estate platforms that are very valuable.Our financial results demonstrate strength in Western Canada and our recurring income sources,as our asset management an