Dream [TSX: DRM]
Managing Real Estate through Integrated Value Creation

Real estate ownership demands more than acquiring properties and waiting for market conditions to create value over time. Asset managers must allocate capital carefully, operate properties effectively and understand how development decisions influence long-term returns.

Dream [TSX: DRM] takes an active approach to real estate value creation. It manages investments through development, ownership, operations and long-term asset management. Its platform allows investment decisions to remain connected to development execution, property operations and the long-term performance of assets.

Dream holds approximately $28 billion in assets under management, spanning three TSX-listed trusts, private asset management activities and numerous partnerships. The company also develops land and housing across Western Canada while holding income-generating properties across Canada. It has completed nearly $47 billion in real estate-related transactions since its founding in 1996.

Integrating Development with Disciplined Asset Management

Dream’s operating model begins with an asset management perspective that shapes how it evaluates opportunities and deploys capital. An asset manager first, it focuses on disciplined stewardship of capital and allocates funds toward compelling opportunities.

Its vertically integrated platform directly connects development activity with ownership objectives and long-term investment performance. Development functions as more than standalone construction as Dream develops land and housing through master-planned communities across Western Canada.

Dream also pursues urban development opportunities in Toronto and Ottawa, spanning condominiums, rentals, apartments, mixed-use developments and commercial components. Its development pipeline includes approximately 25,000 residential units, alongside 8,500 acres of land in Western Canada.

Building Communities through Long-Term Ownership

Zibi, a master-planned waterfront community, illustrates how Dream combines development planning with environmental priorities and broader community considerations. The 34-acre Ottawa-Gatineau development is planned for approximately 5,000 residents and 6,000 workers, with residential, commercial and riverfront park spaces.

Dream also developed a district energy system with Hydro Ottawa that uses post-industrial waste heat for low-carbon heating and cooling. Alpine Park demonstrates the same long-horizon thinking through a different market and development setting in Calgary.

The 646-acre community is planned to accommodate approximately 10,000 residents through multiple phases, with homes, apartments, retail, parks and village spaces. Dream began construction on purpose-built rental and retail components in 2025, extending the community beyond its initial residential phases.

Managing Real Estate Assets for Sustained Performance

Dream’s ownership activities extend its value-creation process beyond development into long-term asset operations and management. It holds income-generating properties across Canada and manages residential rental assets through apartments, purpose-built rentals, condominiums and single-family housing. Its residential portfolio includes approximately 9,500 rental units across North America and roughly 1,400 affordable units.

Property management and leasing capabilities give Dream direct involvement in asset performance across its portfolio after construction. Its teams manage leasing across residential, commercial and retail properties, supported by internal sales and marketing capabilities focused on design, branding and execution. The operating model connects occupancy, tenant experience, asset positioning and investment objectives rather than treating leasing as a separate function.

Retail properties add another layer by shaping how its communities serve residents and surrounding neighborhoods. Dream curates retail portfolios around anchor tenants, boutique businesses, dining concepts and services that generate activity within its developments. Canary District in Toronto demonstrates this approach through housing, retail, recreation, student accommodation and community-oriented amenities within a 35-acre mixed-use neighborhood.

Expanding Investment through Strategic Partnerships

Asset management enables Dream to extend real estate expertise beyond properties it directly develops or owns. It manages capital through three TSX-listed vehicles, including Dream Office REIT, Dream Industrial REIT and Dream Impact Trust. The company’s private asset management business and partnerships broaden the platform across sectors, geographies and investment structures.

Dream’s asset management teams pursue existing strategies while developing new investment approaches, capital partnerships and investment vehicles. New investment approaches and capital partnerships allow it to structure opportunities around different investor objectives and real estate sectors. Its leadership emphasizes the ability to source, structure and execute investment opportunities as a core strength developed through decades of activity.

Embedding Sustainability into Real Estate Operations

Sustainability extends through development, operations, technical services and reporting rather than remaining limited to project-level design decisions. Dream’s internal sustainability and technical services team works from concept through implementation and reporting, giving environmental considerations a defined role within development. It also aims to reduce carbon emissions from existing buildings and new developments through sustainability initiatives.

Dream’s 2025 sustainability reporting shows how these priorities translate into specific community and operating outcomes. The report identifies approximately 120 megawatt-hours of estimated annual solar generation at Brighton Village and highlights affordable housing, local procurement, Indigenous participation and community investment. These activities connect environmental performance with broader economic and social outcomes within its operating footprint.

Affordable housing forms an important component of Dream’s broader community development strategy across several urban projects. The company reports approximately 1,400 affordable units and incorporates affordable housing into several communities through different financing structures. Canary Landing, for example, is planned to include more than 2,000 purpose-built rental units, with 30 percent designated as affordable upon completion.

Creating Value through Integrated Real Estate Expertise

Dream’s integrated model connects capital allocation with the physical and operational realities of real estate. Development teams create communities, property teams manage assets and asset management professionals structure investment strategies around long-term performance. Knowledge from each part of the business informs decisions elsewhere, giving the company a connected view of opportunities, execution, operations and investment performance.

30 years of activity have given Dream extensive experience in development, ownership, asset management and investment structuring across multiple markets. It reports approximately $47 billion in real estate-related transactions completed since inception, alongside its $28 billion asset management platform.

Together, that experience supports its objective of delivering superior risk-adjusted returns while creating lasting value through the places it develops and manages.

Its recognition as the Top Real Estate Asset Management Company Canada 2026 reflects the depth of Dream’s platform, combining investment discipline, operational expertise, long-term ownership and community-focused development.