Ms. Meaghan Peloso reports

DREAM UNLIMITED CORP. PROVIDES MULTI-FAMILY PORTFOLIO UPDATE AND ANNOUNCES NEW VENTURE

Dream Unlimited Corp. has provided an update on its continuing multifamily initiatives.

Over the past two years, Dream has completed developing over 1,650 multifamily rental units (at 100-per-cent asset level) in downtown Toronto and in its master planned communities, Zibi (the National Capital region) and Brighton (Saskatoon). This includes Birch House, a 238-unit purpose-built rental building in downtown Toronto, which welcomed its first residents in October, 2024. Birch House adds to its growing portfolio of purpose-built rentals in the Canary district node and is adjacent to Maple House, which welcomed first residents in 2023 and is 78 per cent leased as of today.

Dream currently has over 1,950 multifamily rental units under construction, which include Cherry House in downtown Toronto, Odenak (formerly, Dream LeBreton) and Block 204 at Zibi in Ottawa. Construction financing for all three projects has been secured through Canada Mortgage and Housing Corp.'s apartment construction loan program.

Dream's Brighton community in Saskatoon is growing rapidly, with the completion of the Teal and a portion of blocks 166 and JK in the fourth quarter, adding 144 units to its recurring income portfolio. The recently completed developments are 93 per cent leased as of today. Dream expects to continue or commence construction on 500 units within Brighton and its first purpose-built rentals in Alpine Park in Calgary in 2025. Dream expects development and hold returns of 15 to 25 per cent over 10 years on its Western Canada purpose-built rentals, and they are key to generating value to its shareholders.

On Dec. 17, 2024, the City of Toronto announced the waiver of development charges on selected projects to support the advancement of purpose-built rentals across the city. Two of Dream's projects under management were named as part of this development charge waiver for a combined 2,500 units. The savings achieved from this waiver directly improves the project viability and better positions construction start for these developments to be accelerated. Further information on these developments will be included on the Dream Impact Trust conference call on Feb. 19, 2025, at 10 a.m. EST.

Dream is also pleased to announce the launch of a new institution-backed joint venture to invest in Canadian multifamily properties. On Jan. 28, the venture waived conditions on a portfolio of multifamily assets in Toronto's east end, which will become the venture's first investment. The newly formed venture plans to invest up to $2-billion in high-quality rental properties across Canada's major markets.

This joint venture marks an exciting milestone in the continued growth of Dream's private asset management platform. While the expansion of its multifamily development pipeline remains a significant driver of growth for its income property division, this venture demonstrates the opportunity to leverage Dream's expertise to deliver value for institutional partners while expanding its presence in the Canadian rental market.

Since 2017, Dream's Canadian multifamily division went from 48 units to 3,270 units completed, with a further 1,950 units under construction. Dream expects the division to grow as it builds out its current pipeline.

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 United States, and has an established and successful asset management business, inclusive of $27-billion of assets under management across four Toronto Stock Exchange-listed trusts, its private asset management business and numerous partnerships. Dream also develops land, residential and income-generating 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 record for being innovative and for its ability to source, structure and execute on compelling investment opportunities.

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