The following is a summary of the Dream Unlimited Corp. (DRUNF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Dream Unlimited reported Q1 pre-tax earnings of $5.4 million, a rise from $4.6 million in the same period last year.

• FFO for the quarter was $0.98 per share, significantly up from the prior year mainly due to Western Canada JV sales.

• Revenue and NOI of the company's recurring income segment increased to $51 million and $25 million respectively, led by a higher income contribution from the distillery district.

• The development segment had revenue and net margin for the period of $43.9 million and negative $6.7 million respectively.

• The company ended the quarter with $320 million in total liquidity, maintaining a conservative leverage position of 38%.

Business Progress:

• Dream Unlimited is seeing significant strength in West Canada which is expected to benefit future business.

• The company's asset management business is performing well, growing the portfolio by about $1 billion.

• Focus is on property development, especially retail and residential apartments.

• Dream has commitments for an additional 370 lots and 106 acres in West Canada development through 2025 representing $162 million in revenue.

• The company increased its liquidity and is considering buying back more stocks, having already repurchased about 600,000 in the last 12 months.

• The company has a piece of land under contract linking its Eastern and Western holdings and is progressing on the development of schools and a community center in Saskatoon expected to complete around 2026 or 2027.

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