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Dream Unlimited Corp. Reports First Quarter Results & Announces Further Investment in Core Downtown Toronto Developments

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.

Dream's east end Toronto Portfolio
Dream's east end Toronto Portfolio


TORONTO, May 15, 2018 (GLOBE NEWSWIRE) -- Dream Unlimited Corp. (TSX:DRM) (TSX:DRM.PR.A) (“Dream”, “the Company” or “we”) today announced its financial results for the three months ended March 31, 2018. Basic earnings per share (“EPS”) for the three months ended March 31, 2018 was $0.22, up from $0.12 for the three months ended March 31, 2017, excluding income earned on the Company’s investment in Dream Alternatives. On a consolidated basis, including results from Dream Alternatives and related gains upon acquisition of control under IFRS, basic EPS for the three months ended March 31, 2018 was $1.35, up from $0.10 in the prior year. As at March 31, 2018, Dream’s total equity, on a standalone basis, increased to $953.1 million ($8.75 per share), up from $919.4 million ($8.42 per share) last quarter and $840.7 million ($7.49 per share) one year ago, on a comparable basis(1).

Michael Cooper, President & Chief Responsible Officer of Dream commented: “We have had an active start to 2018, further adding to our ownership position in the development of Toronto’s east end, through the acquisition of 9 acres in the West Don Lands from Infrastructure Ontario, which will be redeveloped into a 1,500 unit purpose-built multi-family community adjacent to both the Canary and Distillery Districts. With 1,800 residential units and over 450,000 sf of retail and commercial space developed to date and an additional 5,300 units and 890,000 sf of future commercial development, we are transforming a phenomenal footprint in downtown Toronto’s east end, comprising over 60 acres. We are also pleased with the continued growth and accomplishments within the Dream Publicly Listed Funds and our increased liquidity position from all our re-financing activity during the first quarter.” 

A summary of our results for the three months ended March 31, 2018 is included in the table below. 

  Three months ended March 31,
(in thousands of Canadian dollars, except per share amounts)   2018     2017  
Consolidated Dream (including Dream Alternatives):        
Revenue $ 61,745   $ 51,648  
Net margin $ 17,713   $ 14,909  
Net margin %(2)   28.7 %   28.9 %
Earnings before income taxes $ 151,397   $ 16,945  
Earnings for the period $ 147,058   $ 11,438  
         
Basic earnings per share(3) $ 1.35   $ 0.10  
Diluted earnings per share $ 1.30   $ 0.10  
         
Dream Standalone(4):        
Revenue $ 49,635   $ 51,648  
Net margin $ 11,327   $ 14,909  
Net margin %(2)   22.8 %   28.9 %
Earnings before income taxes $ 29,485   $ 18,683  
Earnings for the period $ 24,028   $ 13,176  
         
Basic earnings per share(3) $ 0.22   $ 0.12  
Diluted earnings per share $ 0.22   $ 0.12  
         
Dream Standalone(4):   March 31, 2018     December 31, 2017  
Total assets $ 1,962,128   $ 1,904,007  
Total liabilities $ 971,250   $ 946,523  
Total equity (excluding non-controlling interests)(1) $ 953,086   $ 919,394  
Total equity per share(1) $ 8.75   $ 8.42  
             

/EIN News/ --

(1)   Total equity (excluding non-controlling interests) and total equity per share excludes $37.8 million of non-controlling interest as at March 31, 2018 ($38.1 million as at December 31, 2017). For further details refer to pages 11 and 12 in our MD&A for the three months ended March 31, 2018.
(2)   Net margin % (see “Non-IFRS Measures” section of our management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2018) represents net margin as a percentage of revenue.
(3)   Basic EPS is computed by dividing Dream’s earnings attributable to owners of the parent by the weighted average number of Dream Subordinate Voting Shares and Dream Class B shares outstanding during the period.
(4)   Dream standalone represents the standalone results of Dream, excluding the impact of Dream Alternatives’ equity accounted/consolidated results. Refer to the “Non-IFRS Measures” section of our MD&A for further details. Total assets as of March 31, 2018 and December 31, 2017 includes approximately $62.4 million and $48.3 million, respectively, relating to the Company’s investment in Dream Alternatives.
     

In the three months ended March 31, 2018, the Company was deemed to acquire control of Dream Hard Asset Alternatives Trust (TSX:DRA.UN) (“Dream Alternatives” or “DAT”) based on the increase in the Company's exposure to variable returns resulting from increased ownership through units held in Dream Alternatives and from new real estate joint venture agreements. As a result, the Company has consolidated Dream Alternatives' financial results effective January 1, 2018.  Refer to the "Dream Alternatives" section of our MD&A for a discussion of Dream Alternatives' results.

As a result, in the three months ended March 31, 2018, we generated earnings of $147.1 million, up from $11.4 million in the prior year, primarily due to non-cash gains recognized of $130.0 million upon the acquisition of control of Dream Alternatives. Dream, excluding Dream Alternatives, in the three months ended March 31, 2018, generated $24.0 million of earnings, up from $13.2 million in the prior year, as a result of increased net operating income from our recreational and investment properties and fair value gains on our investment in Dream Global REIT.

Key Results Highlights: Urban Development – Toronto & Ottawa

  • Including the West Don Lands, Canary District and Distillery District, Dream has been involved in developing/redeveloping approximately 60 acres in the east end of downtown Toronto since 2004. Alongside its partners, Dream expects to deliver approximately 4,100 condominium and purpose-built rental units and 850,000 square feet (“sf”) of retail amenity space across these communities between 2020 and 2024.  For details of Dream’s real estate and land ownership positions in the east end, please see map. 

A map accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/7e313c9c-fc36-4cc5-a839-12e9b4e21329

Key achievements in the quarter with respect to the aforementioned communities are summarized below:

  • In the three months ended March 31, 2018, the Company successfully closed on a $53.0 million construction facility ($26.5 million at Dream's share) for the development of Canary Block Condominiums (formerly “Block 16”), bearing interest at the bank's prime rate plus 1% or the bankers’ acceptance rate plus 2.25% and maturing in 2020. Canary Block Condominiums is part of our Stage 2 lands in the Canary District, developed in partnership with Kilmer Van Nostrand (“Kilmer”), which is also comprised of Canary Commons Condominiums (formerly “Block 12”) and a future residential block currently referred to as “Block 13".  The partnership expects to develop over 1,000 condominium units and 30,000 sf of retail on the Stage 2 lands, which is in addition to the completed 810 condominium units and 30,000 sf of retail in Stage 1, which initially served as the Pan Am Athletes’ Village in 2015. Canary Commons Condominiums is expected to commence construction in mid-2018 with first occupancies expected in late 2020. In addition to retail amenities, the Canary District also includes the 18-acre Corktown Common Park and the 82,000 sf Cooper-Koo YMCA. 
     
  • Subsequent to March 31, 2018, the Company formed a partnership (the “Partnership”) to develop and manage a new residential rental apartment community in Toronto’s West Don Lands neighbourhood ("West Don Lands"), immediately adjacent to the Canary District. The Partnership entered into 99-year land leases with Infrastructure Ontario ("IO") for land parcels that will be developed into rental units as well as ancillary retail and potential office space. Dream, together with Dream Alternatives, and each of the residual equity partners which include Kilmer and Tricon Capital Group ("Tricon"), hold an equal ownership share of the Partnership.  Dream and Dream Alternatives’ interest in the Partnership is split on a 25/75% basis.  The lands are located in close proximity to the Distillery District, Canary District and Waterfront Toronto’s Quayside, Google’s 13-acre Sidewalk Labs neighbourhood, forming an integral part of the ongoing revitalization and transformation of downtown Toronto’s east end. The current proposal, comprehensive of all five blocks, is expected to be built in stages and includes a total of approximately 1,500 purpose-built residential units, 30% of which will satisfy the Province’s affordability requirement and 70% of which will be rented upon completion at market rates. In addition, the Partnership expects to develop up to 75,000 sf of retail amenity space and has an opportunity to develop a 200,000 sf office building. The first block slated for development features approximately 750 rental units and 26,000 sf of retail amenity space which has been fully zoned and approved by the City of Toronto. The Partnership is targeting to commence construction on this first block as early as the second quarter of 2019 with initial residential occupancy targeted for 2021.

    Dream and Kilmer delivered the Pan Am Athletes’ Village on time and on budget, and in collaboration with IO, Waterfront Toronto and the City of Toronto, developed the Canary District in the West Don Lands. Further, Dream has co-developed the historic Distillery District since 2004. Dream and Kilmer have a vested interest in the successful completion of the West Don Lands community and each bring deep insight and commitment to the neighbourhood, having completed over 3,000 units together in Toronto’s downtown east end.  
  • Subsequent to March 31, 2018, the Company closed on the disposition of a development property located in downtown Toronto for total consideration of $10.4 million (at Dream's share) before closing adjustments. The Company expects to record a gain on sale of approximately $9.6 million in the second quarter of 2018.

Other Updates:

  • In addition, subsequent to March 31, 2018, Dream along with Dream Alternatives acquired a 33.3% leasehold interest in a retail shopping centre and residential mixed-use development investment located at 100 Steeles Ave. West in Toronto ("100 Steeles") for $7.8 million, split 25/75% between Dream and Dream Alternatives. The investment is currently an income producing retail property with approximately one million sf of residential and commercial mixed-use density redevelopment potential in future years.
     
  • As at March 31, 2018, Dream’s condominium projects (including Zibi, a large urban community in Ottawa) consisted of 1,689 condominium units (755 units at Dream's share) in various stages of pre-construction or active construction, the largest projects being Riverside Square and Canary Commons in the east end of downtown Toronto. Approximately 96% of our active projects were either sold or pre-sold as of May 11, 2018.
     
  • More notably, including the recently acquired West Don Lands and Frank Gehry designed Mirvish-King West development, there are over 11,700 units (5,500 units at Dream's share) and 3.2 million sf of retail/commercial space (2.2 million sf at Dream’s share) at the project level in our development pipeline in Toronto and Ottawa.  For additional details refer to the "Urban Development Pipeline and Results of Pre-sale Activity" section of our MD&A.

Key Results Highlights:  Western Canada Development

  • In the three months ended March 31, 2018, we achieved 40 lot sales and 41 housing unit occupancies (three months ended March 31, 2017 - 97 lot sales and 31 housing unit occupancies). Approximately 75% of our lots sold during the period were within our large active developments, Brighton (Holmwood) in Saskatoon, Harbour Landing and Eastbrook in Regina, the Meadows in Edmonton and Vista Crossing in Calgary.
     
  • Assuming current market conditions, in 2018 Dream expects to achieve approximately 950 lot sales and 25 acre sales primarily from active communities in Saskatoon and Regina, as noted above. As at May 11, 2018, Dream has secured deposits or sale commitments for approximately 652 lot sales that are expected to be realized in the remainder of 2018, representing a significant portion of the lot sale volumes expected in the remainder of the year. We anticipate our lot sales and condominium occupancy volumes to increase further in future years, as we are currently in the planning stages for developing new master-planned communities in Western Canada, including Providence in Calgary (650 acres) and Coopertown in Regina (1,050 acres). 
     
  • We continue to focus on executing on our strategy to participate in more of the market share within our new communities by developing more single family homes, retail and commercial properties ourselves. As we build out and sell, lease or rent these properties, we intend to capture the development profit on both the land and building components and add to our recurring income sources by holding income properties developed. We are focusing on building out our existing communities and strategically evaluating when servicing should commence in new communities.

  • In the three months ended March 31, 2018, net operating income from our Western Canada retail development portfolio increased to $1.4 million, up from $0.7 million in the prior year, due to increased rental income as assets under development approach stabilization. On a cumulative basis, since 2014, $21.5 million of fair value gains have been recognized to date relating to our retail development properties. In the three months ended March 31, 2018, Dream obtained permanent term financing on its first completed retail developments in Western Canada, Shops of South Kensington in Saskatoon and Tamarack in Edmonton.  In total, Dream successfully closed on $64.8 million in fixed rate mortgages at a weighted average interest rate of 4.1%, with terms ranging from 5 - 7 years on properties which represented a 65% loan-to-value based on appraised values at completion, at the time of financing.

Asset Management, Management Services and Investments in Dream Publicly Listed Funds

  • Fee-earning assets under management across the Dream Publicly Listed Funds (Dream Global REIT, Dream Industrial REIT and Dream Alternatives) were approximately $6.4 billion, relatively consistent with the prior year. Fee earning assets under management across private institutional, development partnerships and/or funds was $1.7 billion, also consistent with the prior year. Total assets under management were approximately $14 billion at March 31, 2018.

  • In the three months ended March 31, 2018, fees earned from agreements with the Dream Publicly Listed Funds were $9.0 million, an increase of $2.1 million relative to prior year due to growth in fee-earning assets under management and acquisition activity. Development and other management fees in the three months ended March 31, 2018 were $1.0 million, down from $4.3 million in the prior year as comparative results included certain fees related to the completion of significant development milestones, which were not recurring in the current period. The Company expects that development and other management fees will continue to increase in future years as a result of recent development partnerships in Toronto, although quarterly results are subject to fluctuations. Net margin from asset management was $7.1 million, or 70.8% of revenue for the three months ended March 31, 2018, down from $9.3 million in the comparative year, due to aforementioned reasons.

  • As at March 31, 2018, the total fair value of units held in the Dream Publicly Listed Funds (including Dream Office REIT) was $406.4 million, representing 40% of the Company’s total market capitalization. Within this total, Dream had $279.0 million at fair value invested in Dream Office REIT (a 16% interest or 21% inclusive of units held through Dream Alternatives and Dream’s CRO) and $62.1 million at fair value invested in Dream Alternatives (a 14% interest). Subsequent to quarter end, Dream Office REIT successfully announced the results of its substantial issuer bid to purchase for cancellation up to 10.0 million of its REIT units, at a price of $24.00 per unit, for an aggregate purchase price of $240.0 million. As a result of the take-up of the 10.0 million REIT units under the substantial issuer bid, Dream’s interest in Dream Office REIT increased to 18%, or 24% inclusive of units held through Dream Alternatives and Dream’s CRO.

  • Year to date in 2018, Dream acquired approximately 0.9 million units in Dream Alternatives for $6.0 million (excluding units reinvested in Dream Alternatives’ distribution reinvestment plan). Subject to market conditions and our investment strategy, the Company intends to further invest in Dream Office REIT and Dream Alternatives on an opportunistic basis as both vehicles refine their portfolios and focus on core Toronto assets, which is aligned with Dream’s expanding real estate and development footprint across downtown Toronto and the Greater Toronto Area.
     
  • In the three months ended March 31, 2018, Dream Office REIT generated net income of $32.5 million ($6.0 million at Dream’s share on a standalone basis) from net rental income from its investment properties and share of net income from Dream Office REIT's approximate 26% investment in Dream Industrial REIT, offset by fair value losses on financial instruments, interest expense and net losses on transactional activity. In the three months ended March 31, 2018, Dream acquired 0.7 million units in Dream Office REIT for $15.8 million. 

Strong Liquidity Position & NCIB Activity

  • In the three months ended March 31, 2018, the Company refinanced its $175.0 million non-revolving term facility with a syndicate of Canadian financial institutions, increasing the borrowing capacity on the facility to $225.0 million and extending the maturity date to February 28, 2021. Proceeds were used to immediately repay amounts outstanding on the Company's operating line, resulting in an increase in undrawn credit availability on the operating line to $151.2 million as of March 31, 2018, up from $123.1 million as of December 31, 2017.  In the three months ended March 31, 2018, the Company also executed on an amendment to its margin facility, increasing the loan amount from $40.0 million to $80.0 million, of which $55.0 million was drawn as of March 31, 2018. As at March 31, 2018, we had up to $164.2 million of undrawn credit availability on Dream’s operating line and margin facility, compared to $123.1 million as at December 31, 2017.

  • As the Company’s existing interest rate swap on the non-revolving term facility will expire in June 2018, subsequent to March 31, 2018, the Company entered into an interest rate swap to effectively exchange a portion of the variable interest rate on the facility. The new interest rate swap will commence on June 29, 2018 for a period of approximately 2.5 years and will exchange the variable rate for a fixed rate of 5.2% per annum and hedge $125.0 million of the $225.0 million non-revolving term facility.

  • During and subsequent to the three months ended March 31, 2018, the Company repurchased 0.6 million units under its normal course issuer bid for a total cost of $5.5 million.

  • As at March 31, 2018, our debt to total asset ratio was 33.1%, compared to 32.4% as at December 31, 2017 (34.1% as at March 31, 2018, compared to 32.4% as at December 31, 2017, on a Dream standalone basis).

Select financial operating metrics for Dream’s segments for the three months ended March 31, 2018 are summarized in the table below.

  Three months ended March 31,
 
(in thousands of Canadian dollars, except units and per share amounts)     2018     2017  
WESTERN CANADA DEVELOPMENT          
LAND DEVELOPMENT          
Lot revenue   $ 4,488   $ 13,140  
Acre revenue     -     -  
Total revenue(1)   $ 4,488   $ 13,104  
Net margin(1)   $ (990 ) $ 1,515  
Net margin (%)     n/a     11.5 %
Lots sold     40     97  
Average selling price – lot   $ 112,000   $ 135,000  
HOUSING DEVELOPMENT          
Housing units occupied     41     31  
Revenue   $ 9,957   $ 8,756  
Net margin   $ (1,900 ) $ (1,257 )
Net margin (%)     n/a     n/a  
Average selling price – housing units(1)   $ 345,000   $ 364,000  
INCOME PRODUCING AND DEVELOPMENT PROPERTIES          
Revenue   $ 2,126   $ 1,214  
Net operating income   $ 1,444   $ 738  
Net margin   $ 345   $ (201 )
Net margin (%)     16.2 %   n/a  
URBAN DEVELOPMENT – TORONTO & OTTAWA          
INCOME PROPERTIES          
Revenue   $ 3,232   $ 2,708  
Net operating income   $ 1,793   $ 1,297  
Net margin   $ 1,351   $ 746  
Net margin (%)     41.8 %   27.5 %
           
Total net margin from Urban Development – Toronto & Ottawa(2)   $ 418   $ (127 )
ASSET MANAGEMENT & INVESTMENTS IN DREAM PUBLICLY LISTED FUNDS    
Fee earning assets under management(3)   $ 8,061,000   $ 6,877,000  
Revenue   $ 10,050   $ 11,258  
Net margin   $ 7,116   $ 9,348  
Net margin (%)     70.8 %   83.0 %
           
Income from investments in Dream Publicly Listed Funds - Dream Global REIT units and deferred trust units   $ 703   $ 663  
Income from investments in Dream Publicly Listed Funds - Dream Office REIT     n/a     2,932  
Share of earnings from equity accounted investments - Dream Office REIT     6,024     n/a  
DREAM ALTERNATIVES          
Share of losses from equity accounted investments – Dream Alternatives     n/a   $ (1,738 )
Net income   $ 5,784     n/a  
Net asset value per unit(4)   $ 8.90     n/a  
Net gain on acquisition of control of Dream Alternatives   $ 129,992     -  
RENEWABLES AND RECREATIONAL PROPERTIES          
Recreational Properties:
Revenue
  $ 17,402   $ 14,221  
Net operating income   $ 7,342   $ 6,468  
Net margin   $ 6,338   $ 5,631  
Net margin (%)     36.4 %   39.6 %
           
Renewables:          
Share of (losses) earnings from equity accounted investments - Firelight Infrastructure   $ (209 ) $ 39  
               


(1)   Results include housing land sales to external customers, which are recognized in the land division results. The average selling price of housing units occupied includes the land revenue component which is eliminated on consolidation.
(2)   Net margin from Urban Development – Toronto & Ottawa includes net margin from condominium & mixed-use development and income properties.
(3)   Assets under management and fee earning assets under management are non-IFRS measures used by Management in evaluating operating performance. Please refer to the cautionary statements under the heading “Non-IFRS Measures” in this press release. Refer to the “Non-IFRS Measures” section of our MD&A for further details on gross margin and net margin.
(4)   Net asset value per unit is a non-IFRS measure used by Management in evaluating the operating performance of Dream Alternatives. Please refer to the “Non-IFRS Measures” section of our MD&A for further details.
     

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.

Annual Meeting of Shareholders

Senior management will host its Annual Meeting of Shareholders on May 17, 2018 at 9 a.m. (ET), located at One King West Hotel, 1 King Street West, King Gallery (3rd floor), Toronto, Ontario. For further details, please visit Dream’s website at www.dream.ca and click on the link for News and Events, then click on Calendar of Events.

About Dream Unlimited Corp.

Dream is one of Canada’s leading real estate companies with approximately $14 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, 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.

For further information, please contact:

Dream Unlimited Corp.  
Michael J. Cooper Pauline Alimchandani
President & Chief Responsible Officer EVP & Chief Financial Officer
(416) 365-5145 (416) 365-5992
mcooper@dream.ca palimchandani@dream.ca
   

Non-IFRS Measures

Dream’s 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: Dream standalone, net margin %, assets under management, fee-earning assets under management, net operating income and debt to total assets ratio, 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 three months ended March 31, 2018.

Forward Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to, statements regarding our objectives and strategies to achieve those objectives; our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, future growth, results of operations, performance, business prospects and opportunities, acquisitions or divestitures, tenant base, future maintenance and development plans and costs, capital investments, financing, the availability of financing sources, income taxes, vacancy and leasing assumptions, litigation and the real estate industry in general; as well as specific statements in respect of our development plans and proposals for future retail and condominium and mixed-use projects and future stages of current retail and condominium and mixed-use projects, including projected sizes, density, uses and tenants; development timelines and anticipated returns or yields on current and future retail and condominium and mixed-use projects, including timing of construction, marketing, leasing, completion, occupancies and closings; anticipated current and future unit sales and occupancies of our condominium and mixed-use projects; our pipeline of retail, commercial, condominium and mixed-use developments projects; development plans and timelines of current and future land and housing projects, including projected sizes, density and uses; anticipated current and future lot and acre sales and housing unit occupancies in our land and housing divisions and the timing of margin contributions from such sales; projected population and density in our housing developments; our ability to increase development on our owned lands and the anticipated returns therefrom; our anticipated ownership levels of proposed investments, including investments in units of Dream Office REIT and Dream Alternatives; the development plans and proposals for Dream Alternatives’ current and future projects, including projected sizes, timelines, density, uses and tenants; anticipated levels of development, asset management and other management fees in future periods; and our overall financial performance, profitability and liquidity for future periods and years. 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, performance of our underlying business segments and conditions in the Western Canada land and housing markets. 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 May 15, 2018. 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).

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