Valuation Ignores Widening Opportunity Set As Real Estate Cycle Improves

Research evidence excerpt

Valuation Ignores Widening Opportunity Set As Real Estate Cycle Improves

Real Estate

Dream Unlimited Corp.

TD SECURITIES INC. - CANADA EARNINGS UPDATE

May 15, 2026

Price: C$18.32 (05/14/2026) Valuation Ignores Widening Opportunity Set

Price Target: C$29.00 As Real Estate Cycle Improves

BUY (1)

ESG SCORE: 71/100

Sam Damiani, CFA^ THE TD COWEN INSIGHT

416 983 9640

The Q1 EPS miss took nothing away from our overall favourable outlook across DRM's 3 core

sam.damiani@tdsecurities.com

segments (75% of our NAV). Bigger picture, we see increasing signs of an improving real estate

Linda Wang^ investing cycle (consistent with our original 2026 sector outlook). As in past cycles, DRM's

416 983 9259 platform is very well positioned to seek out, execute, and profit from opportunities. Reiterate

linda.wang@tdsecurities.com

BUY and $29 target price.

Key Data

Symbol TSX: DRM-T Impact: SLIGHTLY POSITIVE (improved outlook despite Q1 miss)

12-Month Div (Est.): C$0.71

ASSET MGMT (13% of our NAV): Q1 gross/fee-earning AUM was unchanged q/q at $28bln/

Beta: 1.71

$20bln, but the $2B targeted near-term growth in associated AUM from the DCI JV (DIR/

12-Month Total

62.2% CPP, link) is still on the come. In another potential JV creation by DIR in Europe, we see anReturn:

52-Week Range: C$22.47-C$17.03 increasingly supportive market backdrop for real estate capital formation in which DRM is very

Market Cap: C$768.4MM well positioned to execute.

Net Debt (MM): C$1,163.4

WESTERN CANADA DEV'T (~35% of our NAV): DRM's land & housing business in Alberta and

Dil. Shares Out (MM): 41.9

Saskatchewan's four largest cities is well-positioned vs much of the rest of Canada given the

Float Shares (mm): 21.6 current spike in energy prices (is a meaningful positive for the energy sector and government