Dream Unlimited Corp. Reports Record Year End 2015 Results & the Achievement of Major Planning Approvals
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.
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 02/11/16 -- Dream Unlimited Corp. (TSX: DRM)(TSX: DRM.PR.A) ("Dream", "the Company" or "we") today announced its financial results for the three and twelve months ended December 31, 2015. Basic earnings per share ("EPS") for the three months ended December 31, 2015 were $0.18, down from $0.34 for the three months ended December 31, 2014. Basic EPS for the twelve months ended December 31, 2015 were $1.54, up from $0.69 for the twelve months ended December 31, 2014. At December 31, 2015, the Company's total equity increased to $717.9 million ($6.37 per share), up 22% from $591.8 million ($5.21 per share) at December 31, 2014.
Michael Cooper, President & Chief Responsible Officer of Dream commented: "Our profits and progress in 2015 continue to demonstrate the value generation potential of our company, assets and people. Specifically, this year we amended and extended our $290 million operating line and added a new $175 million term loan facility, which resulted in the Company ending 2015 with the most available liquidity in its history. Our $800 million Pan Am Games Village development was built on time and on budget and received rave reviews for the architecture and livability of the community. Our Toronto condominium projects continue to generate solid returns for our business and we are pleased with the pre-sales activity on our new projects. Out West, we achieved many significant milestones, which included the approval for our area structure plan in Providence and the approval of Regina's growth and funding plan for the next 25 years which gives us clarity over the sequencing of our large land holdings in the city. We are pleased that our 2015 lot sales exceeded 2014 levels, given a challenging Canadian economy. 2016 is starting off slow where we develop land, but our business is well diversified. With our capital availability in place, the completion of the development of the Pan Am Games Village, the completion of over 550 condominium units in downtown Toronto, the sale of 172 acres of our land to the Province of Alberta and our recurring income sources, we expect that 2016 will be another excellent year of profit and cash flow generation by the Company."
A summary of our 2015 results is included in the table below.
Key Advancements & Updates in Western Canada
Approval of Providence & Glacier Ridge Area Structure Plans and Update on the Transfer of 172 Acres to the Province of Alberta:
For a detailed map of our lands, please see our 2015 Year End Results Presentation under our News & Events section of our website at
Acquisition of 17.4 Acres of Strategic Retail Land in Tamarack, within Meadows in Edmonton, Alberta
Adoption of Regina's New 25-Year Phasing and Financing Plan
Key Results Highlights: Development
Asset Management:
Recreational Properties
Capital Structure & Financing
Select financial operating metrics for the three and twelve months ended December 31, 2015 are summarized in the table below.
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 and on . Our year-end investor presentation is available .
Conference Call
Senior management will host a conference call on February 12, 2016 at 9:00 am. (ET). To access the call, please dial 1-888-465-5079 in Canada and the United States or 416-216-4169 elsewhere and use passcode 6281 674#. To access the conference call via webcast, please go to Dream's website at and click on the link for News and Events, then click on Calendar of Events. A taped replay of the conference call and the webcast will be available for 90 days.
About Dream Unlimited Corp.
Dream is one of Canada's leading real estate companies with approximately $15 billion of assets under management in North America and Europe. The scope of the business includes residential land development, housing and condominium development, asset management for four TSX-listed trusts, numerous institutional and development partnerships and private funds, investments in and management of Canadian renewable energy infrastructure and commercial property ownership. Dream has an established track record for being innovative and for its ability to source, structure and execute on compelling investment opportunities.
Non-IFRS Measures
Dream's condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). In this press release, as a complement to results provided in accordance with IFRS, Dream discloses and discusses certain non-IFRS financial measures, including: internal rate of return (IRR), assets under management, fee earning assets under management, debt-to-total assets, and certain additional IFRS measures including net margin, gross margin, as well as other measures discussed elsewhere in this release. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. Dream has presented such non-IFRS measures as Management believes they are relevant measures of our underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to comparable metrics determined in accordance with IFRS as indicators of Dream's performance, liquidity, cash flow, and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to the "Non-IFRS Measures" section in Dream's MD&A for the year ended December 31, 2015.
Forward Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to, expected GLA of retail developments, timing of leasing or commencement of future retail developments, development yield on cost for retail developments, development plans of future stages of the Athletes' Village, timing of land acquisitions in connection with our Zibi development and the timing size and density of future Western Canada developments and timing of approvals. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to: the nature of development lands held and the development potential of such lands, our ability to bring new developments to market, anticipated positive general economic and business conditions, including low unemployment and interest rates, positive net migration, oil and gas commodity prices, our business strategy, including geographic focus, anticipated sales volumes and performance of our underlying business segments. Risks and uncertainties include, but are not limited to, general and local economic and business conditions, employment levels, regulatory risks, mortgage rates and regulations, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. All forward looking information in this press release speaks as of February 11, 2016. Dream does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR ().
Contacts:
Dream Unlimited Corp.
Michael J. Cooper
Chief Responsible Officer
(416) 365-5145
Dream Unlimited Corp.
Pauline Alimchandani
Chief Financial Officer
(416) 365-5992
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 12.02.2016 - 01:33 Uhr
Sprache: Deutsch
News-ID 450362
Anzahl Zeichen: 0
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Commercial Real Estate
Diese Pressemitteilung wurde bisher 378 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Dream Unlimited Corp. Reports Record Year End 2015 Results & the Achievement of Major Planning Approvals"
steht unter der journalistisch-redaktionellen Verantwortung von
Dream Unlimited Corp. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
