filenewtemplate · 11 northwest regina (coopertown) regina 1,049 2016-2035 1,046 0 1,046 12 foxtail...

o

o

o

o

o

o

o

5

●

●

●

●

●

6

●

●

●

●

7

o

o

o

o

o

o

8

Land Development, 77%

Housing & Condo Development, 12%

Investment & Recreational Properties, 11%


Housing & Condo Development,

12%

Investment &Recreational

Properties, 3%

Asset Management & Advisory, 16%


Housing & Condo Development,

15%

Investment &Recreational

Properties, 6%

Asset Management & Advisory, 30%

9(1) “Net Operating Income” or “NOI” represents revenue less direct operating costs, asset management and management services expenses, and selling and marketing and other operating costs, including

depreciation. “Net Margin” measures operating earnings in each business segment of Dream. Please refer to page 42 for the Non-IFRS Measures in the 2015 Annual Report.(2) Net earnings presented are adjusted to exclude the impact of a non-recurring impairment charges of $7.0 million incurred during the year ended December 31, 2015.

10

0

100

200

300

400

500

600

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Management & Other Fees Investment & Recreational

Housing & Condos Land

CAGR = 7% CAGR = 20%

11

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

2007 2008 2009 2010 2011 2012 2013 2014 2015*

Asset Management Revenue($ mlns)

Other FeesFinancing FeesAcquisition FeesBase Asset Management Fee

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

2007 2008 2009 2010 2011 2012 2013 2014 2015

Total Assets Under Management($ mlns)

8-Year CAGR of 26% 8-Year CAGR of 21%

$15,000

*includes impact of the reorganization of the asset management agreement with Dream Office REIT, whereby Dream received 4.85 million REIT units in consideration for the asset management fee stream on April 2, 2015

93%

89%

85%

85

%

88%

90

%

92

%

83

%

56%

7%

11%

15%15%

12%

10%8%

17%

44%

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

2007 2008 2009 2010 2011 2012 2013 2014 2015

Asset Management Revenue Non-REIT sources increasing as a % of total revenue

REIT Non-REIT

12

Entity Project/Asset JV Partner Partner's Interest Partner Since Size of Partnership

Dream Global/Dream Unlimited

Rivergate -Vienna, Austria Asian sovereign wealth fund 50% 2015 €189 ($285 million)

Dream Unlimited 30+ Properties Canadian Pacific Railway 75% 2015 n/a*

Dream Unlimited Domtar- Ottawa, Gatineau Windmill Development 50% - 65% 2014 $1 billion (total project – est.)

Dream Global/Dream Unlimited

8 German Office AssetsPOBA/Korean Pension Fund**

50% 2014 CAD$320 million (at share)

Dream Alternatives Condo Projects Empire Communities 20% 2014 $100 million (at share)

Dream Office Scotia Plaza & Telus Tower H&R REIT 33% - 50% 2013 $560 million (at share)

Dream Unlimited Canary - Pan Am Games Village Kilmer Van Nostrand Co. 50% 2011 $800 million (total project – est)

Dream Unlimited Condo Projects Streetcar 50% 2007 $550 million (at share)

Dream Unlimited Canadian renewable power projects a Canadian Pension Plan 80% 2006 $1.5 billion (gross value)

Dream Unlimited Distillery District Cityscape 50% 2004 $190 million (gross value + profits)

14

26

%

33

%

36

%

35

%

44

%

38

%

44

%

39

%

34

% 31% 3

6%

34

%

34

%

-

500

1,000

1,500

2,000

2,500

0

50

100

150

200

250

300

350

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

# o

f Lo

ts

$M

illi

on

s

Total Annual Revenue From Land Development

16

Name of Master Planned Community Location Original Acres* Years Active (Estimate)* Acres Left to Develop Lot Equiv. Acres Total Acres

8 Holmwood (incl. Brighton) Saskatoon 3,129 2014-2037 3,059 40 3,100

9 Blairmore (Kensington, Elk Point) Saskatoon 292 2013-2023 157 39 197

10 Harbour Landing West Regina 926 2021-2033 926 0 926

11 Northwest Regina (Coopertown) Regina 1,049 2016-2035 1,046 0 1,046

12 Foxtail Grove Regina 594 2025-2038 594 0 594

13 South East (Eastbrook) Regina 319 2016-2025 319 0 319

14 Glacier Ridge (Panorama) Calgary 479 2020-2030 479 0 479

15 Providence Calgary 1,816 2017-2040 1,816 0 1,816

16 Crossfield North of Calgary 156 2015-2029 127 22 149

17 Leduc South of Edmonton 529 2017-2029 529 0 529

Total (Incl. Acres Under Contract) 1 9,289 9,054 102 9,156

*Years active is an estimate subject to municipal approvals commencing upon land development, which can be very unpredictable.(1) In addition, we have acquired 195 acres of long term lands in Edmonton and 51 acres in other cities.

Name of Master Planned Community LocationOriginal

Acres Years ActiveAcres Left to

DevelopLot Equiv.

Acres Total Acres

1 Stonebridge Saskatoon 757 2005-2013 4 7 11

2 Hampton Village Saskatoon 272 2004-2012 51 0 51

3 Willows Saskatoon 80 2004-2020 23 0 23

4 Harbour Landing Regina 789 2008-2016 64 22 86

5 EvansRidge Calgary 163 2010-2013 0 0 0

6 High River (Montrose) Calgary 213 2006-2024 129 17 147

7 The Meadows (Laurel, Maple Crest, Tamarack) Edmonton 1,400 1997-2020 195 8 204

Total 3,674 466 55 521

New Developments

Existing Communities

More than double the acres we have

developed over the last

20 years.

18

o

o

o

o

Brighton

23*for further details please refer to page 23 in the MD&A(1) Estimated value upon completion represents the estimated value of a real estate asset upon completion of the development of such asset. The estimated value upon completion is forward-looking information and may differ materially from the estimates used herein. “Development yield” is calculated using the Estimated Stabilized NOI at completion and the total estimated cost of development including land.

(1)

24

Active Retail Projects Under Construction (as at Q4/15)Edmonton

Est. acres to develop

Est. GLA at completion

Committed Leases1

Weighted average

lease term2

Major TenantsEst,

completion date

Est. cost of development

including land

Est. value upon completion

Est. cost psfEst. value psf

upon completion

Tamarack North East 5.6 62,600 28,645 13.9 GoodLife Fitness 2018 $18,600 $25,000 $297 $399

Tamarack North 3.2 24,900 16,059 17.4Petro Canada,

McDonald’s2017 $7,100 $11,600 $285 $466

Tamarack South East 9.1 96,900 88,606 10.8

Michaels, Sport Check, Shoppers Drug

Mart, Tim Hortons, Liquid Depot

2017 $35,000 $41,100 $361 $424

17.9 184,400 133,310 12.7 60,700 $77,600 $329 $421

1 Committed leases represent the GLA under an agreement to lease between a tenant and the Company as at December 31, 20152 The weighted average lease term is from the commencement date of the committed lease and excludes renewal options

NESE

N17 Acres

25

Active Retail Projects Under Construction (as at Q4/15)Saskatoon

Est. acres to develop

Est. GLA at completion

Committed Leases1

Weighted average

lease term2

Major TenantsEst.

completion date

Est. cost of development

including land

Est. value upon completion

Est. cost psfEst. value psf

upon completion

South Kensington 6.5 72,000 55,139 17.7Shoppers Drug Mart,

Save-On Foods2018 $19,000 $29,300 264 407

6.5 72,000 55,139 17.7 2018 $19,000 $29,300 264 407

1 Committed leases represent the GLA under an agreement to lease between a tenant and the Company as at December 31, 20152 The weighted average lease term is from the commencement date of the committed lease and excludes renewal options

26

Project Name Location Net Acres GLA Dream Ownership Est. Construction Start

AC

TIV

E

Tamarack North Edmonton 3 25,000 100% 2014

Tamarack SE Edmonton 9 97,000 100% 2014

Tamarack NE Edmonton 6 62,000 100% 2014

High River West Calgary 4 38,000 100% 2016

Shops of South Kensington Saskatoon 6 72,000 100% 2016

Holmwood NW Wilson JV Saskatoon 23 245,000 50% 2016

Kingston East Toronto 9 160,000 100% 2016

Harbour Landing Regina 10 105,000 100% 2017

PIP

ELI

NE

Meadows Tamarack 17 225,000 100% 2018

Coopertown Regina 20 240,000 100% 2019

Providence West Calgary 10 110,000 100% 2019

Providence Regional Retail Calgary 120 1,300,000 100% 2022

Hampton Village Saskatoon 14 150,000 100% 2017

Holmwood Suburban Centre – Regional Retail Saskatoon 65 710,000 100% 2018

TOTAL 322 3,539,000

27

*artist rendering of proposed development

Development Site

29

Phase 1 : Currently under development

Block 4: Condo, occupancy Q2/1 6 Block 1 1 : Condo, occupancy Q2/1 6(Presold 87%*)

Block 4/1 1 /1 5: Retail, occupancy Q1 /1 6 (74% leased)

Block 3: Third-party affordable housing, turnover March 201 6Block 1 5: Third-party Aboriginal residence, turnover March 201 6Block 1 /1 4: George Brown/YMCA, turnover March 201 6

Phase II

Block 1 6/1 2/1 3: contemplated as mixed-use residential orcommercial to be built out upon market demand.(~1 ,000 units and over 20,000 sf of retail)

*as of February 1 1 th, 201 6Note: Dream owns 50% of Pan Am/Canary District

o

o

30

16

16

Closed Projects (1,802 Units)

Projects Under Construction (1,769 Units)

Future Projects (2,724 Units)

Pan Am Games Village

Distillery District

Distillery District

(13 acres)

Pan Am Games Village (17 acres)

11 13

15

18

9

210

5

3

4

7

2529

24

17

26

27

28

12 14

8

22

2321

20

31

Project Ownership Units Retail Area Closing1

1 Distillery Commercial (Distillery) 50% - 332,695 2004

2 Pure Spirit (Distillery) 50% 383 30,313 2010

3 Corktown Phase 1 50% 134 9,717 2011

4 Corktown Phase 2 50% 192 14,554 2012

5 Trinity Lofts 50% 89 5,597 2012

6 Clear Spirit (Distillery) 50% 346 11,564 2013

7 8 Gladstone 50% 89 6,549 2013

8 Sync Lofts 50% 98 8,472 2013

9 King Edward Private Residences 17% 143 - 2013

10 Gooderham (Distillery) 50% 328 19,931 2014

Closed Projects Sub-Total 1,802 439,392

11 The Carlaw 25% 313 - 2015

12 The Carnaby 50% 437 30,062 2016

13 The Taylor 25% 96 - 2016

14 20 Gladstone 50% 113 11,819 2016

15 Canary Block 1/14 (Pan Am Village) (1) 50% 0 4,777 2016

16 Canary Block 15 (Pan Am Village) (1) 50% 0 4,196 2016

17 Canary Block 11 (Pan Am Village) 50% 369 7,188 2016


Projects Under Construction Sub-Total 1,769 74,268

19 646 & 663 Kingston Road 50% 108 5,220 2017

20 Riverside Square Phase 1 25% 672 23,735 2018

21 Broadview & Eastern 50% 110 14,936 2018

22 Riverside Square Phase 2 50% 216 48,916 2020



25-27 Other Future Potential (Distillery) 50% 634 251,459 2022+


Zibi (Ottawa/Gatineau) 50% 2,000 366,6912 2018/2030

Future Projects Sub-Total (2) 4,724 734,498

All Projects Total 8,295 1,248,158

(1) Pan Am Village also includes YMCA, 500 George Brown student residences, and 253 affordable rental units(2) All Future project statistics are subject to zoning approvals1Subject to zoning 2Subject to zoning, with an additional 750,000 sf of commercial space

32

Total # of Unit Percent

StatusDREAM’s

Ownership %Closing # of Units Units Sold

Inventory Unsold

Sold

Active Projects

The Taylor (1220 Dundas St E) Construction 25% Q2 2016 96 91 5 95%

20 Gladstone Ave. Construction 50% Q2 2016 113 110 3 97%

The Carlaw (345 Carlaw Avenue) Construction 25% 2015 313 313 0 100%

The Carnaby (11 Peel Avenue – Phase 1) Construction 50% Q2 2016 215 214 1 99%The Carnaby (11 Peel Avenue – Phase 2)Riverside Square Ph I

ConstructionPre-Const.

50%25%

Q2 2016Q3 2018

222672

214518

8154

96%77%

646 Kingston Road Pre-Const. 50% 2017 108 64 44 59%

Subtotal 1,739 1,524 215 87%

Pan Am Games Village – Block 11 Construction 50% Q3 2016 369 346 23 94%

Pan Am Games Village – Block 4 Construction 50% Q3 2016 441 355 86 80%

Pan Am Games Village – Multi-Family, Sold to Non Profit Housing Agencies

Construction 50% Q1 2016 Conversion 753 753 NA 100%

Total Under Development 3,302 2,978 324 90%

Closed Projects

Corktown Phase 1 & 2 (510-569 King Street E) Closed 50% June 2011 / Oct 2012 326 326 0 100%

Trinity (2 Eastern Avenue) Closed 50% Oct 2012 82 82 0 100%

2 Gladstone Closed 50% Feb 2012 55 55 0 100%

Distillery District - Clear Spirit Closed 50% April 2013 346 346 0 100%

Sync (630 Queen Street E) Closed 50% May 2013 98 98 0 100%

King Edward - Private Residences Closed 17% July 2013 143 138 5 97%

8 Gladstone AvenueDistillery District - Gooderham

ClosedClosed

50%50%

Dec 2013Aug 2014

89328

89327

01

100%99%

Subtotal Closed 1,467 1,461 6 99.5%

*Figures presented as at December 31st, 2015

33

Riverside Square, is located at the gateway of the Queen Street Bridge and Don Valley – situated in the thriving East End of Toronto. Riverside Square offers a public square anchoring the development and features a mix of smaller and larger retail spaces fronting Queen Street that will include a grocery store, cafes, restaurants, a 5 dealership autoplex and an assortment of shops and commercial spaces.

34

We are developing an island community that will be in the centre of Ottawa, 1km from Parliament Hill. The community will be virtually self-sufficient and among the world’s most sustainable communities, not to mention some of the best views in the country.

Dream Windmill, the partnership between Dream and Windmill Development acquired 22 acres of land located at the former Domtar lands along the Ottawa River in Gatineau, Quebec for the purpose of developing a mixed-use master planned community to be marked ‘Zibi’. Dream Windmill has an additional 15 acres of directly adjacent lands under contract which it expects to acquire later in 2016, pending certain approvals. The project plan, inclusive of all 37 acres includes over 3.0 million square feet of density with over 2,000 residential units and over 1 million square feet of commercial space.

35

Debt (incl. Prefs) –to-

Total Assets *

36

24% CAGR in

Total Equity to 2015

39

4,775

20

5,782

520

5,084

128

5,961

331

6,402

64

6,494

77

4,138

38

4,0004,100

3,897

332

6,062

450

5,017

299

5,658

300

5,970

262

6,832

311

5,683

265

5,6005,800

1,101

314

1,638

578

1,608

617

2,025

220

1,658

869

1,577

180

1,000

298

1,080

1,550

569

164

708

334

958

458

1,289

872

1,246

665707

252

513

267

510 520

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009

2010

2011

2012

2013

2014

2015

2016

F

2017

F

2009

2010

2011

2012

2013

2014

2015

2016

F

2017

F

2009

2010

2011

2012

2013

2014

2015

2016

F

2017

F

2009

2010

2011

2012

2013

2014

2015

2016

F

2017

F

Calgary Edmonton Saskatoon Regina

Single-Detached Starts Single-Detached Starts Single-Detached Starts Single-Detached Starts

Single-Family Detached Starts

*869 lots sales were due to challenging servicing conditions during 2012, which resulted in sales options agreements entered into in the fourth quarter of 2012 not being exercised until early 2013 (Stonebridge)

Source CMHC

*

2009-2015 CMHC avg.: 5,5202009-2015 Dream avg.: 168

Proxy for market share: 3.0%


Proxy for market share:5.6%



2009-2015 CMHC avg.: 8562009-2015 Dream avg.: 430


Dream Lot Sales

CMHC Housing Starts Forecast

40

Forward Looking Information

This presentation may contain forward-looking information within the meaning of applicable securities legislation including, but not limited to, statements

regarding the timing and details of our current and future housing, condominium and retail developments, including size, capacity, density, cost, development mix

and construction start, completion and closing dates, the status of our development applications, timing of occupancies and turnover of our condominium

projects, our expectations regarding our joint ventures and our anticipated asset mix and composition of income. 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, risks and uncertainties include, but are not

limited to, general and local economic and business conditions; inflation; expanding our land development, home building and asset management segments in

line with management’s goals; executing our plans with respect to our retail and multi-family segments; achieving our current financial goals, including with

respect to pre-tax income; continued growth rate in line our past performance; employment levels; regulatory risks; timing and content of our development

approvals; 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 presentation speaks as of the date of this presentation. 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 (www.sedar.com).

Non-IFRS Measures

Dream’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this presentation,

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, net operating income or “NOI”, net margin, gross margin,

development yield, estimated cost of development and estimated stabilized NOI 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.

Feel free to contact us should you have any questions

Michael Cooper, CEO(416) [email protected]

Pauline Alimchandani, CFO(416) [email protected]

filenewtemplate · 11 northwest regina (coopertown) regina 1,049 2016-2035 1,046 0 1,046 12 foxtail...

Documents