Denver, Colorado, UNITED STATES
DENVER and LOS ANGELES and TORONTO, March  14, 2023  (GLOBE NEWSWIRE) -- Dream Unlimited Corp. (TSX: DRM) (“Dream”), PaulsCorp, LLC (“Pauls”) and Vicky Schiff  have launched  Avrio Real Estate Credit (“Avrio”). Avrio will offer short-term, first mortgage debt and other structured finance products including B notes, mezzanine debt and preferred equity for the acquisition, refinancing and recapitalization of commercial real estate assets, with loans ranging from $25 million to $150 million. “We believe with the current real estate capital markets experiencing some dislocation, now is an opportune time,” according to Schiff, who assumes the role as Avrio’s Chief Executive Officer. “In addition to financing new development and value-add projects that utilize energy-efficient and green construction materials, methods, or systems, we want to work with borrowers who create jobs, encourage education and employee engagement and who are dedicated to building projects that help expand the inventory of workforce, affordable and transitional housing,” adds Schiff. For Dream, a Canadian public company and one of that country’s leading real estate firms with 600 employees, 12 offices across Canada, the U.S., and Europe with over C$23 billion in assets throughout North America and Europe under management, Avrio represents Dream’s entry into the U.S. credit market. “Given the current supply gap of available debt to meet the needs of real estate operators and developers in the U.S, Avrio will play a critical role in bringing flexible and creative debt funding to developers searching for this type of instrument,” said Co-Founder and Chief Responsible Officer Michael Cooper. “Dream places a strong emphasis on sustainability across all of our strategies and Avrio fits well within our goals of building better communities in our markets,” said Cooper. The new venture will use a specialized process, developed with Dream’s sustainability and ESG team, to collect, analyze and report on ESG data in a streamlined manner, intended to help external partners and borrowers improve their assets ESG scores, attributes and their overall impacts on their communities and the environment. Avrio also provides a compelling opportunity to utilize Pauls’ expertise in development, asset management, property management, construction management and underwriting across multiple markets and asset classes, with demonstrated results in industrial, rental multifamily, for-sale residential, land entitlement and office, including ground-up development, value-add development, and general contracting. Avrio also announces that Kyle Geoghegan has joined as U.S. Head of Originations. Geoghegan brings to Avrio 30 years of experience in the real estate capital markets, having originated more than $11 billion in CRE debt product encompassing a range of offerings from construction and bridge to permanent loans at various leverage points in the capital stack. Most recently, he was Managing Director for Trez Capital, where he helped create a new national lending platform resulting in the production of $800 million in its first year. He previously spent 14 years with C-III Capital/Resource America as a Managing Director and had prior stints at Bear Stearns and PNC Bank. Headquartered in Denver, Avrio also has offices in New York, Toronto, and Los Angeles. About Dream Unlimited Corp.:
Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of over C$23 billion of assets under management across four Toronto Stock Exchange listed trusts, a private asset management business and numerous partnerships as of February 17, 2023. Dream also develops land and residential assets in Western Canada. Dream 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 its ability to source, structure and execute on compelling investment opportunities. For more information please visit: www.dream.ca . About PaulsCorp LLC:
Founded in 1993 and headquartered in Denver, Pauls is a leading real estate investment, development, and management company with an established track record in both the U.S. and Canada. Pauls is a family-based corporation with a longstanding reputation for high-quality work and excellent working relationships. The extensive experience of Pauls’ management team with its blend of entrepreneurial energy and institutional discipline has resulted in numerous successful investments over many years and through several economic and real estate cycles. Pauls has developed or managed over $6.5 billion in real estate assets including approximately 15,000 single family homes, multi-residential units, townhomes, and condominiums. Pauls currently has over $2 billion in assets under management and $825 million under development. Pauls has a deep real estate platform, consisting of over 230 employees, with expertise across the entire real estate cycle. About Avrio Real Estate Credit (http://www.avriore.com):
Avrio’s team brings multi-decade real estate credit, ownership and development experience, in both public and private U.S., Canadian and European markets, and aims to be an industry leading, real estate private credit franchise with a reputation as a dependable and entrepreneurial financier while focusing on projects and borrowers who positively impact their communities. Media Contact:

Vicky Schiff, Dream Unlimited Corp. and PaulsCorp, LLC Launch Avrio Real Estate Credit

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TORONTO — DREAM UNLIMITED CORP. (TSX:DRM) announced today 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 March 31, 2023 to shareholders of record on March 15, 2023. We apologize, but this video has failed to load. Try refreshing your browser, or
Dream Unlimited Corp. Announces Quarterly Class A Subordinate Voting Share and Class B Common Share Dividend Back to video
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Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of over $23 billion of assets under management across four Toronto Stock Exchange listed trusts, our private asset management business and numerous partnerships. We also develop land and residential assets in Western Canada. Dream 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20230227005625/en/
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Dream Unlimited Corp. Announces Quarterly Class A Subordinate Voting Share and Class B Common Share Dividend

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TORONTO–(BUSINESS WIRE)–DREAM UNLIMITED CORP. (TSX:DRM) announced today 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 March 31, 2023 to shareholders of record on March 15, 2023. The dividends are designated as eligible dividends for the purposes of section 89 of the Income Tax Act (Canada). Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of over $23 billion of assets under management across four Toronto Stock Exchange listed trusts, our private asset management business and numerous partnerships. We also develop land and residential assets in Western Canada. Dream 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. Contacts

Dream Unlimited Corp. Reports Fourth Quarter Results and Closing of Summit Acquisition
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This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. TORONTO–(BUSINESS WIRE)–Dream Unlimited Corp. (TSX: DRM) (“Dream”, “the Company” or “we”) today announced its financial results for the three and twelve months ended December 31, 2022 (“fourth quarter”). “Dream has been making progress growing our asset management business and our income property portfolio together adding to our recurring income,” said Michael Cooper, Chief Responsible Officer. “Our impact initiatives have also contributed to being awarded the Quayside development, which is closing in March. Arapahoe Basin had a very successful year and continued to contribute to our overall profit and value creation. Although there have been many challenges in 2022, Dream is beginning 2023 in very good shape and we are improving the quality of our business and its value.”
A summary of our consolidated results for the three and twelve months ended December 31, 2022 is included in the table below. December 31,
42,836,031
Loss before income taxes for the three months ended December 31, 2022 was $57.5 million, compared to earnings before taxes of $95.3 million in the prior year comparative period. The decrease is primarily due to a fair value loss on Dream Impact Trust’s investment in the Virgin Hotels Las Vegas, lower fair value adjustments taken on our investment properties including those held within our equity accounted investments and a $1.9 million loss on Dream Impact Trust units held by other unitholders. Earnings before income taxes for the year ended December 31, 2022 was $197.3 million, an increase of $71.4 million relative to the prior year, primarily due to a one-time gain on a land settlement, condominium occupancies at Canary Commons in the first half of 2022 and $80.4 million in fair value gains taken on Dream Impact Trust units held by other unitholders. This was partially offset by the aforementioned reasons and higher interest costs. As of December 31, 2022 the Company has available liquidity(2) of $285.7 million, in line with $275.6 million as of December 31, 2021. 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 $0.40 per share to $0.50 per share, effective with the dividend payable to shareholders on March 31, 2023. Highlights: Recurring Income
In the fourth quarter, revenue and net operating income(1) derived from recurring income sources was $42.7 million and $14.3 million, respectively, compared to $35.9 million and $10.0 million in the comparative period. The increase in revenue is primarily due to our portfolio of multi-family rental properties in the GTA and Ottawa/Gatineau, and higher earnings at the Distillery District. In the year ended December 31, 2022, revenue and net operating income(1) from recurring income sources improved by $51.2 million and $23.2 million, respectively, due to the aforementioned factors in addition to a growing asset management base, and improved performance at our recreational properties including Arapahoe Basin, our ski hill in Colorado, and the Broadview Hotel and Gladstone House, our boutique hotels in Toronto. Subsequent to December 31, 2022, we increased our interest in the Distillery District from 50% to 62.5% for total consideration of $27.0 million. The 395,000 sf Distillery District historical retail area is a significant driver of recurring income and is 88.9% occupied as of year-end. Revenue for the three and twelve months ended December 31, 2022 includes $11.5 million and $47.7 million, respectively, in asset management fee revenue, compared to $13.9 million and $43.1 million, respectively, in the prior periods. The increase in the year is largely driven by the growth in asset management base from the addition of Dream Residential REIT to the Company’s asset management platform and development activity at Dream Industrial REIT, while quarter-to-date fluctuations are driven by the timing of acquisition activity. In the year ended December 31, 2022, our portfolio of stabilized properties generated Adjusted EBITDA(1) of $47.9 million, an increase of $27.4 million over prior year, largely driven by the growth in our multi-family portfolio in the GTA and Western Canada. As of December 31, 2022, our portfolio comprises 1,599 apartment units (at project level) and is 96.3% occupied. In the year ended December 31, 2022, Arapahoe Basin had its strongest performance ever, generating Adjusted EBITDA(1) of $12.6 million, up from $10.7 million in 2021. Our new Lenawee Express lift, the first six-person chair at the ski hill, opened to the public on December 16, 2022 and has reduced ride time by more than 50% for our visitors. We also opened our revamped charcuterie restaurant, il Rifugio, and the German-themed Steilhang Hut in late December. 2022 results include $5.6 million in equity accounted earnings on our 36% interest in Dream Office REIT, down from $62.1 million in the comparative period due to fair value losses on Dream Office REIT’s portfolio and a lower share of earnings on the REIT’s 9.7% interest in Dream Industrial REIT. In addition, 2022 earnings include $5.9 million in equity accounted earnings on our 12% interest in Dream Residential REIT from its operations since it launched on May 6, 2022. Subsequent to December 31, 2022, the Company acquired de facto control of Dream Office REIT through the ownership of 18,473,925 REIT and LP B units. Dream Office REIT cancelled 242,200 REIT units that increased the Company’s ownership of the REIT to over 36%. The Company will account for the acquisition as a step acquisition and remeasure its existing equity interest in Dream Office REIT to fair value at the acquisition date. On February 17, 2023, we announced the closing of the transaction pursuant to which a joint venture between GIC and Dream Industrial REIT acquired Summit Industrial Income REIT in an all-cash transaction valued at $5.9 billion, including the assumption of certain debt (“the Summit transaction”). A subsidiary of Dream will be the asset manager for the joint venture and Dream Industrial REIT will provide property management, accounting, construction management and leasing services to the joint venture at market rates. Dream and Dream Industrial REIT intend to continue employing the majority of Summit employees post-closing. As of December 31, 2022, assets under management(1) totalled $18 billion, up nearly $3 billion since year end, and included a combined 63% in the industrial and residential rental asset classes and 31% located outside of Canada. Fee earning assets under management(1) totalled $11 billion as of quarter end, up $2 billion since December 31, 2021. Upon closing of the Summit transaction, we added approximately $5.9 billion to assets under management and fee-earning assets under management. Across the Dream group platform, which includes assets held through the Company, Dream Impact Trust, Dream Impact Fund, Dream Office REIT and Dream Residential REIT, we have over 8,200 apartment units and 13.7 million sf of gross leasable area (“GLA”) in stabilized rental, retail and commercial properties, in addition to our recreational properties. Over the next four years, we expect to add an additional 3,050 units and 3.0 million sf of rental, retail and commercial GLA to our recurring income portfolio (at project level), including West Don Lands Blocks 8 and 3/4/7, Canary Block 10, three buildings at Zibi and LeBreton Library Flats. Highlights: Development
In the three months ended December 31, 2022, our development business generated revenue and net margin of $125.0 million and $32.6 million, respectively, up by $10.7 million and $5.9 million from the comparative period. Results for the quarter were driven by higher acre sales in Western Canada. In the year ended December 31, 2022, we earned revenue and net margin of $175.8 million and $24.0 million, respectively, down from $209.2 million and $27.1 million in the comparative period. 2021 results included Phase 1 occupancies at Riverside Square with no comparable activity in 2022. This was partially offset by higher acre sales in Western Canada. In 2022, we achieved 858 lot sales and 39 acre sales, primarily across our Brighton, Alpine Park and Meadows communities in Saskatoon, Calgary and Edmonton, respectively. As of February 21, 2023, we have secured commitments for 420 lots and 23 acres (including 11 raw acres) across our Western Canada communities that we expect to contribute to earnings in 2023. In the second half of 2022, we launched sales for the first tower at Forma (“Forma East”), an 864-unit condominium project located in the heart of Toronto’s entertainment district. This iconic project designed by Canadian-born architect Frank Gehry has achieved firm sales of approximately $800 million or 71% of units released as of February 21, 2023. Included in our consolidated fourth quarter results is a fair value loss of $54.8 million relating to Dream Impact Trust’s investment in the Virgin Hotels Las Vegas. The loss was due to substantial new capital required which Dream Impact Trust declined to further invest, resulting in a reduction to the value of our ownership interest. Across the Dream group platform, we have approximately 4.4 million sf of GLA in retail or commercial properties and 25,900 condominium or purpose-built rental units (at the project level) in our development pipeline. For further details on our development pipeline, refer to the “Summary of Dream’s Assets & Holdings” section of our MD&A. Highlights: Impact Investing
In 2022, the Dream group of companies released our Net Zero by 2035 Action Plan, available here . The Action Plan details Dream’s commitment, targets and milestones, investment and emissions boundaries, actionable delivery strategy, and oversight and transparency plans. With over $6 billion in net zero communities within our development pipeline, we believe our bold approach to mitigating climate change will create further investment opportunities and create shareholder value. For the second consecutive year, both Dream Impact Trust and Dream Office REIT have achieved a five-star GRESB rating, placing both companies in the top 20% global benchmark. The strong ratings were attributed to strong performance in leadership, policies, reporting, targets and data monitoring and review. Annual participation in the GRESB assessment provides us with the opportunity for a third-party assessment of our progress on achieving our impact/ESG related goals across the Dream platform. In 2022, the National Capital Commissions (“NCC”) announced in partnership with Canada Housing Mortgage Corporation (“CMHC”) that Dream was selected to develop the first phase of the Building LeBreton project in Ottawa, Ontario. In the fourth quarter, the city of Ottawa’s planning committee approved two towers at our LeBreton Library Flats site, granting us an exemption to the city’s 25 storey height limit. The 31 and 36 storey towers will deliver 608 rental units, including 250 units designated as affordable, and will be the largest net zero carbon residential community in Canada upon completion in 2026. In the year ended December 31, 2022, Waterfront Toronto approved a project agreement for the development of a 12 acre site at the east end of downtown Toronto’s waterfront to build Canada’s largest all-electric, zero-carbon master-planned community. The community will comprise over 4,000 units, including over 800 affordable housing units and 3.5 acres of public space with a car-free green oasis from Parliament Street to Bonnycastle Street that will connect projects further west towards Jarvis Street. Through the Dream Community Foundation, which is privately funded by the Cooper family, extensive programming has been introduced at Weston Common, our 841-unit multi-family rental community, where approximately 25% of the units are affordable. Programming offered in 2022 included over 2,000 meals provided as part of an ongoing breakfast club, language classes, community event sponsorship, back-to-school supply kits and the introduction of a scholarship program to assist with the post-secondary education. The Foundation will look to extend this programming beyond Weston Common in 2023. Share Capital & Return to Shareholders
In the year ended December 31, 2022, 0.4 million Subordinate Voting Shares were purchased for cancellation by the Company at an average price of $39.53 under a normal course issuer bid (“NCIB”) for total proceeds of $14.9 million (year ended December 31, 2021 – 2.4 million Subordinate Voting Shares at an average price of $25.29). Dividends of $25.6 million and $38.3 million were declared and paid on our Subordinate Voting Shares and Class B Shares in the three and twelve months ended December 31, 2022, inclusive of a special dividend of $0.50 per share paid in the fourth quarter (three and twelve months ended December 31, 2021 – $4.3 million and $13.5 million, respectively). Select financial operating metrics for Dream’s segments for the three and twelve months ended December 31, 2022 are summarized in the table below. Conference Call
Senior management will host a conference call on February 21, 2023 at 5:00 pm (ET). To access the call, please register for the audio conference using the following link: https://register.vevent.com/register/BIc5adda2edc5b47eaa717e6d719fe9856 . Once registered, participants will receive an email with dial-in details, including a unique PIN. A taped replay of the webcast will be archived for 90 days. Other Information
Information appearing in this press release is a select summary of results. The financial statements and MD&A for the Company are available at www.dream.ca and on www.sedar.com . About Dream Unlimited Corp.
Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of over $23 billion of assets under management(1) across four Toronto Stock Exchange (“TSX”) listed trusts, our private asset management business and numerous partnerships as of February 21, 2023. We also develop land and residential assets in Western Canada. Dream 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. A comprehensive overview of our holdings is included in the “Summary of Dream’s Assets and Holdings” section of our MD&A. Non-GAAP Measures and Other Disclosures
In addition to using financial measures determined in accordance with IFRS, we believe that important measures of operating performance include certain financial measures that are not defined under IFRS. Throughout this press release, there are references to certain non-GAAP measures and other specified financial measures including earnings before income taxes after adjusting for fair value on Dream Impact Trust units held by other unitholders, net operating income, adjusted EBITDA, Dream Impact Trust and consolidation and fair value adjustments, which management believes are relevant in assessing the economics of the business of Dream. These performance and other measures are not financial measures under IFRS, and may not be comparable to similar measures disclosed by other issuers. However, we believe that they are informative and provide further insight as supplementary measures of financial performance, financial position or cash flow, or our objectives and policies, as applicable. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures included in this press release have been incorporated by reference from the management’s discussion and analysis of Dream for the three months and year ended December 31, 2022, dated February 21, 2023 (the “MD&A for the fourth quarter of 2022”) and can be found under the section “Non-GAAP Financial Measures”, subheadings “Earnings before income taxes after adjusting for fair value on Dream Impact Trust units held by other unitholders”, “Net operating income”, “Adjusted EBITDA”, and “Dream Impact Trust & Consolidation and fair value adjustments”. The composition of supplementary financial measures included in this press release has been incorporated by reference from the MD&A for the fourth quarter of 2022 and can be found under the section “Supplementary and Other Financial Measures”. The MD&A for the fourth quarter of 2022 is available on SEDAR at www.sedar.com under Dream’s profile and on Dream’s website at www.dream.ca under the Investors section. Non-GAAP Financial Measures
“Adjusted EBITDA” represents net income for the period adjusted for interest expense on debt; amortization and depreciation; share of earnings from equity accounted investments; and net current and deferred income tax expense (recovery). The most directly comparable financial measure to adjusted EBITDA is net earnings. This non-IFRS measure is an important measure used by the Company in evaluating the performance of divisions within our recurring income segment. 71,504
(1) For the Company’s definition of the following non-GAAP measures: Dream Impact Trust and consolidation and fair value adjustments, refer to the definition below. “Dream Impact Trust & Consolidation and fair value adjustments” are two separate non-GAAP financial measures and represent certain IFRS adjustments required to reconcile Dream standalone and Dream Impact Trust results to the consolidated results as at December 31, 2022 and December 31, 2021 and for the three and twelve months ended December 31, 2022 and 2021. Management believes Dream Impact Trust & Consolidation and fair value adjustments provides investors useful information in order to agree to the Dream Impact Trust financial statements. Consolidation and fair value adjustments relate to business combination adjustments on acquisition of Dream Impact Trust on January 1, 2018 and related amortization, elimination of intercompany balances including the investment in Dream Impact Trust units, adjustments for co-owned projects, fair value adjustments to the Dream Impact Trust units held by other unitholders, and deferred income taxes. Contacts

Dream Unlimited Corp. Reports Fourth Quarter Results and Closing of Summit Acquisition

Waterfront Toronto is a public advocate and steward of waterfront revitalization created by the Governments of Canada, Ontario, and the City of Toronto. It is based in Toronto, Canada.

Waterfront Toronto

With Quayside , Waterfront Toronto has created the greatest opportunity for impact development in the country , and we believe that the Partnership is ideally suited to deliver on this opportunity , '' said Michael Cooper , Chair , Quayside .

15:25 ET
Dream Unlimited and Great Gulf Group selected to develop Quayside

Great Gulf operates as a real estate company. It designs, constructs, and builds master-planned communities, makes resort properties, and more. The company was founded in 1975 and is based in Toronto, Canada.

Great Gulf

Canadian Pacific Railway (TSE: CP) offers freight transportation services, logistics, and supply chain solutions. The company offers Atlantic gateway, transload, and trucking, shipping perishable products. It caters its services to automotive, coal, energy, ethanol, fertilizer and potash, food products, forest products, grain, industrial products, intermodal containers, and oversized and dimensional, sulfur, and wind energy components sectors. Canadian Pacific Railway was founded in 1881 and is based in Calgary, Canada.

Canadian Pacific Railway

BMO Capital

Dream Office REIT

Dream Unlimited

Relay Ventures

Dream Unlimited (TSX: DRM, DRM.PR.A) is a Canadian real estate company in Canada and Europe. The scope of the business includes residential land development, housing and condominium development, asset management for TSX-listed trusts, investments in and management of Canadian renewable energy infrastructure and commercial property ownership.

Date
Round	IPO
Amount
Investors	Public
Valuation
Revenue	0 FY undefined
Sources

Date	11/13/2018
Round	Seed VC
Company	Alate Partners
Amount	$30.23M
New?	Yes
Co-Investors	Dream Office REIT, Dream Unlimited, and Relay Ventures
Sources	1

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