Dream Unlimited Corporation (DRM) 2019年年度报告「TSX」.pdf

1、2019 Annual ReportZibiOttawa,ON/Gatineau,QCDream(TSX:DRM)is an award-winning Canadian real estate company with approximately$9 billion of assets under management in North America and Europe.Dream is a leading developer of exceptional office and residential assets in Toronto,owns stabilized income ge

2、nerating assets in both Canada and the U.S.,and has an established and successful asset management business,inclusive of$9 billion of assets under management across three TSX listed trusts and numerous partnerships.We also develop land and residential assets in Western Canada for immediate sale.Drea

3、m expects to generate more recurring income in the future as its urban development properties are completed and held for the long term.Dream has a proven track record for being innovative and for our ability to source,structure and execute on compelling investment opportunities.Over the last 14 mont

4、hs,we have delivered a total return of 83%to shareholders and repurchased over$130 million of stock.While we are pleased with the increase in market price year-over-year,we believe that continuing to buy back stock under our normal course issuer bid is a good use of capital and a driver of value cre

5、ation.As of February 21,2020,we held$743 million units at fair value in Dream Office REIT and Dream Alternatives,which accounts for over 60%of our current market cap before considering our extensive land holdings in downtown Toronto which are carried at cost on our balance sheet or the value of our

6、remaining asset management contracts.In 2019,we acquired an aggregate of$91 million in Dream Office REIT and Dream Alternatives,and the fair value of our holdings appreciated over$150 million while generating cash distributions of$21 million.We intend to continue investing in both Trusts on an oppor