November 2017 Investor Presentation - Dream · Empire Lakeshore (Eau Du Soleil) Fair Value...
Transcript of November 2017 Investor Presentation - Dream · Empire Lakeshore (Eau Du Soleil) Fair Value...
November 2017 Investor Presentation
Dream Hard Asset Alternatives Trust
*Implied yield is based on fixed distribution of $0.40 per unit and TSX closing price as at November 13, 2017. Unlike fixed income securities, there is no obligation on DAT to distribute to unitholders any fixed amount, and reductions in, or suspensions of, cash distributions may occur that would reduce the yield based on market price.
Development
6.5% Implied yield - Tax
efficient distributions
Renewable Power
Approximately
$834Min total assets
Income Property Re-development potential
Flexible Structure
Development
24.6% Debt to Gross Asset Value
Low leverage and conservative balance sheet.
Development
Managed by Dr eam
an experienced asset manager with a successful track record
AssetsIncome properties
Mortgages and LoansEnergy and Infrastructure
Development
Lending Portfolio
Dream Hard Asset Alternatives Trust (DAT) is a mutual fund trust, focused on hard asset alternative investments comprising real estate, real estate development, real estate lending and infrastructure, including renewable power.
At-a-glance
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Dream Hard Asset Alternatives Trust | The Manager
DAT is managed by Dream. Dream started as a public company in 1996 with $500,000 of equity and has grown to its current equity value of $858 million representing an internal rate of return* of 31%. .
*IRR (Internal Rate of Return) represents the discount rate of annual net cash paid out to shareholders and the equity value (including minority interest) as at September 30, 2017 over the initial investment in 2003)
Experienced Asset Manager
State Street Financial CentreToronto, Ontario
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Dream Hard Asset Alternatives Trust | Dream Platform
DAT is able to leverage all of Dream’s activities, relationships and expertise and take advantage of Dream’s experience and track record. Dream’s platform benefits DAT by providing:
Capital markets expertise
Track record of value creation
Asset management capabilities
Transaction expertise
Strength of Platform
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Dream Hard Asset Alternatives Trust
We believe that hard asset alternative investments provide diversification from the traditional asset classes available broadly to investors.
$633.6Min Portfolio Net Asset Value
35.8%in Mortgages and Loans
29.5% in Income Properties co-owned with Dream Office REIT and Dream Industrial REIT
31.9%in Development & Investment Holdings
10%in Renewable Power Assets
Portfolio Breakdown
. DAT Investor Presentation | 5
Dream Hard Asset Alternatives Trust
75.2% Toronto & GTA
2.3%Other Western
Canada
1.9%Eastern Canada
3.4%Saskatchewan
3.3%United Kingdom
Diverse Portfolio with Little Exposure to Western Canada
10.0%British Columbia
3.9% Other Ontario
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Dream Hard Asset Alternatives Trust | Objectives & Benefits
DAT's ObjectivesProvide an opportunity for unit-holders to invest in hard asset alternative investments, including real estate, real estate lending, real estate development and infrastructure including renewable power;
Build and maintain a growth-oriented portfolio;
Provide predictable and sustainable cash distributions to unit-holders on a tax-efficient basis; and
Grow and re-position the portfolio to increase both the Adjusted Funds Available for Distribution (AFAD) and Net Asset Value (NAV) per unit over time.
Benefits of Investing in Alternative Assets
Alternative Assets
Attractive returns
Low correlation with traditional asset
classes
Hedge against inflation
Different risk characteristics
1
23
4
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Dream Hard Asset Alternatives Trust
A portfolio of office, industrial and retail commercial real estate properties in Canada, a majority of which are co-owned.
Interest-paying mortgages and corporate loans.
Solar and wind power projects in Canada and the United Kingdom that are operational or under con-struction.
Income Properties Lending Portfolio Development & Investment Holdings
Renewable Power Participating mortgages receiv-able and indirect investments in developments and income-produc-ing properties.
Asset Class Characteristics
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Contributes to Tax-efficiency
Income Growth
Stability of Cash-flow
NAV Growth
Hedge Against Inflation
Stability of Cash-flow
Income Growth
Preserves NAV
Hedge Against Inflation (short term loans)
Income Growth
NAV growth
Hedge Against Inflation
Stability of Cash-flow (20-year fixed contracts)
Contributes to Tax-efficiency
Income Growth
NAV Growth
Power Purchase Agreements may be indexed to inflation
Dream Hard Asset Alternatives Trust
Potential For Net Asset Value (NAV) IncreaseIncreasing the NAV per unit over time is a strategic focus for DAT and may be driven by:
Net Asset Value* Per Segment
Net asset value “NAV” represents the net assets attributable to unitholders of the Trust, including adjustments to remove deferred income taxes payable or receivable, Deferred Unit Incentive Plan payable, and the unamortized balance of the net lending portfolio discount and mortgages payable premiums that are included in net assets on the Trust’s consolidated statements of financial position. For definition of the non-IFRS measures, please refer to the Q3 2017 MD&A.*Based on net asset value as at September 30, 2017 as disclosed in the Financial Statements. DAT Investor Presentation | 9
Renewable power projects becoming operational
Repositioning of the income properties assets
Completion of the development projects
Dream Hard Asset Alternatives Trust
Income-Producing PropertiesReal estate investing in income properties is cyclical but, historically, has provided attractive risk-adjusted returns. Compared to stocks and bonds, real estate investing generally offers posi-tive and stable cash flows, attractive yields, more consistent returns in periods of market volatility, and hedging capabilities against inflation.
West Metro Corporate Centre The West Mall | Toronto, Ontario
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Dream Hard Asset Alternatives Trust | Income-Producing Properties
At-a-glance The majority of our income properties are co-owned with Dream Office REIT, and Dream Industrial REIT.
11Income Properties
0.9Million Square Feet of owned GLA**
105 Diversified Tenants
4.8 Years Weighted Average Remaining Lease Term
92.3% Committed and In-place Occupancy
$206.2*MillionGross IFRS Asset Value*
London
Regina
Ottawa
Toronto & GTA
* Refer to page 12 of the Q3 2017 MD&A for further detail. **at DAT’s share DAT Investor Presentation | 11
Dream Hard Asset Alternatives Trust | Income-Producing Properties
Active Asset Management
Debt Maturities
Sussex Center Mississauga, Ontario
Our strong financial position and active asset management will enable us to focus on acquisition, disposition and future re-development opportunities.
Debt maturities are based on total maturity balance and principal repayments as at September 30, 2017.
Lease Expiries Net of Committed Renewals as a Percentage of GLA for Core Income Properties
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Dream Hard Asset Alternatives Trust | Income-Producing Properties
Diversified Tenant Mix
Our tenant base includes municipal, provincial, and federal governments as well as a wide range of larger, high quality international corporations. Our focus on strategic leasing should contribute to higher income potential for the properties.
Tenant Number of Buildings
GLA (DAT's Share)
% of Total GLA
% of Total Income Properties Revenue
Remaining Lease Term Credit Rating*
TD Canada Trust 1 224,336 27.2% 20.3% 6.3 AA-Technicolor Creative Services 1 83,770 10.2% 11.9% 5.5 NREdward D. Jones & Co. 1 39,256 4.8% 6.6% 2.3 NRCommunity Door Network Service 2 30,828 3.7% 3.5% 4.0 NRRexel Canada Electrical Inc. 1 23,079 2.8% 2.7% 0.3 NRTotal 401,269 48.7% 45.0% 5.5
* Credit ratings obtained from Standard & Poor’s and Egan Jones, which may reflect the parent’s or a guarantor’s credit rating. DAT Investor Presentation | 13
Dream Hard Asset Alternatives Trust
Lending PortfolioTraditional real estate lending continues to be valuable by providing a base return while we seek opportunities with more desirable risk-adjusted returns.
In addition, we believe that maintaining an allocation to traditional real estate lending provides more stable returns during economic uncertainty.
Villamark Markham | Ontario
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Dream Hard Asset Alternatives Trust | Lending Portfolio
At-a-glance Our mortgages are secured by all types of residential and commercial real estate property. We typically finance properties with lower risk profiles, such as multi-family residential rental properties and stabilized income properties. We also invest in higher yielding developer and construction loans when we are comfortable with the underlying security and covenant of the borrower.
11Mortgages and Corporate Loans
9.2% Weighted AverageEffective Interest Rate
0.94Weighted Average Remaining Term to Maturity
Mt. Tremblant
Waterloo
Vancouver
Prince George
CalgaryRegina
Ottawa
TorontoGTA
Halifax
Saint George
69%First Mortgages
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Dream Hard Asset Alternatives Trust | Lending Portfolio
Maturity Summary of Lending Portfolio*
Sector Allocation of Lending Portfolio
Stable Cash Flow
*Based on contractual maturity dates of loans which may be refinanced subject to terms, conditions and management decisions. As at September 30, 2017.
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Short term loans provide attractive returns while we seek
longer term higher yielding opportunities.
Reduced risk in the lending portfolio through sector
diversification and focusing on Dream's core competency as a
developer.
Dream Hard Asset Alternatives Trust
Development And Investment HoldingsReal estate development can range from renovation and re-leasing of existing assets to acquisition of raw land for new development. Dream is very active in the development business and has its own engineers, construction managers, development officers and marketing officers on staff.
Empire Eau Du Soleil Toronto | Ontario
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Dream Hard Asset Alternatives Trust | Development and Investment Holdings
At-a-glance
6 Multi-Residentialdevelopment projects in downtown Toronto and the GTA.
1Investment holding in TRYP Hotel PUR, in the heart of Quebec City, Quebec.
2 LP interestsin three shopping centres and one office tower, co-owned and managed by RioCan REIT.
2 income producing proper-ties with future redevelopment potential located in downtown Toronto
Edmonton
Winnipeg Quebec City
TorontoGTA
Our development projects are with strong partners with a long track record.
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Dream Hard Asset Alternatives Trust | Development and Investment Holdings
Drivers of Future Growth in NAV per Unit & Cash-Flow
Acctg Treatment Status
Investment Fair Value
($ millions)*
Total GLA (sq. Ft) or
Number of Units
Percentage Leased, Pre-sold
or Occupied
Expected / ActualCompletion Date Range
Bayfield LP's Fair Value Income-producing $14.1 1.15 million sq.ft. 77.8% NA
Hotel Pur Fair Value Income-producing $3.7 242 units 91.0% NA
Empire Brampton (Lakeside) Fair Value Construction $8.6 685 units 100% Q3 2017
Empire Lakeshore (Eau Du Soleil) Fair Value Construction $67.8 1,285 units 98.5% Q4 2019 - Q2 2020
Axis Condominiums Equity Accounted Pre-construction $3.8 572 units 100% 2020
Ivy Condominiums Equity Accounted Pre-construction $2.4 253 units 100% 2020
Lakeshore East Equity Accounted Pre-construction $12.2 NA NA NA
Port Credit Equity Accounted Pre-construction $28.7 NA NA NA
Plaza Bathurst Equity Accounted Income-producing $3.8 NA NA NA
Plaza Imperial Equity Accounted Income-producing $5.5 NA NA NA
Empire, LakesideBrampton, Ontario
Empire | Eau Du SoleilToronto, Ontario
Hotel Pur Quebec City, Quebec
Mutual Street Toronto, Ontario
*As at September 30, 2017; IFRS values per Financial Statements DAT Investor Presentation | 19
Dream Hard Asset Alternatives Trust | Development and Investment Holdings
Eau Du Soleil 2183 Lakeshore Blvd. West and Parklawn Road
Two-tower condominium development located on prime waterfront in Toronto
IFRS Value: $67.8 million*
98.5% pre-sold
1,285 units
Projected Completion: 2020
Toronto, ON
Drivers of Future Growth in NAV per Unit & Cash-Flow
*as at September 30, 2017 per Financial Statements DAT Investor Presentation | 20
Dream Hard Asset Alternatives Trust | Development and Investment Holdings
Lakeside Brampton, ON
Pre-sold: 100%
No. of Units: 685
Projected Completion: Q3, 2017
Empire’s newest master-planned community in Brampton, Ontario features a variety of housing including urban semis, town-homes, semi-detached and detached homes on a 96-acre site.
Drivers of Future Growth in NAV per Unit & Cash-Flow
IFRS Value: $8.6 million
*as at September 30, 2017 per financial statements DAT Investor Presentation | 21
Dream Hard Asset Alternatives Trust | Development and Investment Holdings
Zibi Gatineau, QC
A world-class sustainable community and multi-phase 37 acre redevelopment project with Dream acting as lead developer
40% economic interest for $33.2 million
3.0M sf of total density
2,000+ residential units, 1.0M+ SF of commercial space
Drivers of Future Growth in NAV per Unit & Cash-Flow
*as at September 30, 2017 per Financial Statements DAT Investor Presentation | 22
70 Mississauga Rd S*
Joint venture with a consortium of partners
Value: $28.8 million
23.25% economic interest
2,500 residential units and 200,000 square feet of retail and commercial space
72 acres of prime waterfront
70 Mississauga Road South, Port Credit, ON
Exceptional waterfront property in Port Credit
Dream Hard Asset Alternatives Trust | Development and Investment Holdings
Drivers of Future Growth in NAV per Unit & Cash-Flow
*as at September 30, 2017 per financial statementsDAT Investor Presentation | 23
Lakeshore East*
Value: $12.2 million
Joint venture with Dream Unlimited and Great Gulf Resi-dential. DAT has a 37.5% economic interest
5.3 acre site
Potential for over 1 million square feet of density
Designated Toronto heritage site
Silos to be incorporated into development either through adaptive use or rehabilitation
351 - 369 Lakeshore Blvd. East, Toronto, ON
Historic waterfront property on prime downtown Toronto location
*as at September 30, 2017 per financial statements
Dream Hard Asset Alternatives Trust | Development and Investment Holdings
Drivers of Future Growth in NAV per Unit & Cash-Flow
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Dream Hard Asset Alternatives Trust
Energy + InfrastructureInfrastructure and renewable power investments are equity investments with long-term financing, long-term contracts and returns that are generally higher than real estate loans or equity when the equity investment is made prior to development. The renewable power sector is relatively new in Canada, although it has a long history elsewhere in the world.
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Dream Hard Asset Alternatives Trust | Energy & Infrastructure
Why Invest in Renewable Power?Contracts for renewable power are typically with governments or regulated utilities that have high credit ratings and provide for the sale of electricity at a fixed rate for between 20 and 25 years.
Returns are generally higher than real estate loans or equity when the investment is made prior to the operational stage.
Operating costs are relatively predictable and the debt is typically limited in recourse to the particular asset and is completely paid off over the term of the contract.
Complex environmental approval and regulatory process, however, the construction is relatively quick with predictable pricing.
Wind and sunshine are free.
Low correlation to other financial investments.
Demand in Canada is increasingly growing for ‘green’ initiatives.
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Dream Hard Asset Alternatives Trust | Energy & Infrastructure
Long-term Stable Cash Flow
Number of Projects
Economic Interest
Installed Capacity MW
Weighted Average Remaining PPA
(Years)
Commercial opera-tional date Carrying Value
Operational
Ontario Rooftop Solar 10 100% 3.2 17.2 Q2- 2014 - Q3 2015 $13.5 millionUnited Kingdom Wind 45 100% 3.8 17.0 Q2 2013 - Q3 2016 $19.8 millionNova Scotia Wind 3 80% 10.6 18.0 Q4 2015 $32.5 millionOntario Ground-mount Solar 10 100% 4.8 18.8 Q4 2015 - Q4 2016 $71.1 million
Total 22.4 17.9 $136.9 million
As at September 30 2017, per Financial Statements DAT Investor Presentation | 27
3 of these projects have community or Aboriginal partners and will benefit from
participation in the development and a share in project cash flows.
Projects have a Feed-in-Tariff (FIT) contract (allows for the sale of power at a fixed price
and a fixed term of 20 years).
~$136 million of invested and committed equity in solar and wind power projects with a target return on equity of 7% - 10% based on the stabilized equity interest over the term
of the 20 year Power Purchase Agreement.
Dream Hard Asset Alternatives Trust | Composition of Existing Capital
Conservative Capital StructureDream Alternatives has a conservative and flexible balance sheet providing us with ample liquidity to maximize the value of the current investments and pursue future investment opportunities.
Information is as at September 30, 2017.
$633.6Min portfolio
net asset value
$834Min total assets
24.6%Debt to Gross Asset Value*
$50 MillionCredit Facility maximum
10 Lower Spadina Toronto, Ontario
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Dream Hard Asset Alternatives Trust | Potential Future Stabilized Portfolio
While we have been turning over the initial assets, we believe we have im-proved the existing assets, by investing in higher returning assets, such as renewable power, and identifying lending and development activities that are likely to generate higher returns.
As the non-income-producing assets are liquidated over time and the pro-ceeds are re-invested, DAT is expected to produce significantly higher current returns.
Once we have all of DAT’s assets available for investment, we believe that future returns will be more diversified and higher on a risk-adjusted basis.
We will continue to maximize returns from current investments through Dream’s core competencies of lending and investing directly in development of residential properties, renewable power projects and commercial in-come-producing properties.
We will continue to seek opportunities in Canadian renewable energy assets. Renewable power investments have typically provided predictable returns at levels that are higher than from income properties.
Conservative balance sheet positions us to take advantage of future invest-ment opportunities.
Future Portfolio & Outlook
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Dream Hard Asset Alternatives Trust | Depth and Expertise of Management Team
Michael Cooper CRO, Dream,
Portfolio Manager, DAT
Lindsay BrandVice President, Alternative
Investments
Port
folio
M
anag
emen
t
Joshua Kaufman SVP, Retail &
Commercial Development
Jason LesterVice Chair, Development
Dev
elop
men
t O
ppor
tuni
ties
Adam ReedsVP, Energy &
Infrastructure
Mikhail ArkaevVP, Energy &
Infrastructure
Rene
wab
le
Pow
er
Pauline AlimchandaniCFO & Executive President, Dream
CFO, Dream Alternatives TrustFi
nanc
e
Kim LefeverSenior Manager, Investor
Relations
Inve
stor
Rel
atio
ns
Experienced Management Team
Jay JiangVP, Strategic Finance
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Dream Hard Asset Alternatives Trust | Experienced and Diverse Board of Directors
Trust Board is 100% Independent
David Kaufman CAIA,
Amar BhallaJames EatonChair, of the
Board
President Weatons Holdings Ltd.
Board/Trustee Member - J.C. Clark Ltd., Defyrus Inc. True Patriot Love Foundation, Canadian Art Foun-dation, John David and Signy Eaton Foundation
Founder, President & CEO - Westcourt Capital Corporation
Host/Writer/Contributor – BNN “Alternative Invest-ing”, Financial Post “Alternative Inves-tor”, CBC “Lang & O’Leary Exchange”
President Capit Investment Corp.
Chair - Carlaw Capital Group
CEO - Crescent Logic
Chairman - Aston Hill Asset Manage-ment IRC
Trust Board
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President & CEO Dream Unlimited Corp.
Board Member – Dream Unlimited Corp., Dream Office REIT, Dream Global REIT, Dream Industrial REIT, Atrium Mortgage Invest-ment Corporation
Pauline AlimchandaniCPA, CA, CFA
Joanne FerstmanCPA, CA
Jane GavanMichael Cooper
CFODream Unlimited Corp.
Vice President, Research Analyst, Real Estate & REITs - BMO Capital MarketsAssurance, Con-sulting & Deals - Pricewaterhouse-Coopers
Board MemberDream Unlimited Corp., Dream Office REIT, Excellon Resources Inc., Aimia Inc., Osisko Mining Corporation
President & CEO – Dundee Capital Markets Inc. Vice-Chair, Head of Capital Markets – Dundee Wealth Inc.
PresidentAsset Management – Dream Unlimited Corp.
CEO – Dream Office REIT, Dream Global REITBoard Member – Dream Unlimited Corp., Dream Glob-al REIT
Dream Hard Asset Alternatives Trust
Dream Hard Asset Alternatives Trust
Michael CooperPortfolio [email protected]
Contact Information
Dream Hard Asset Alternatives Trust
Kimberly LefeverSenior Manager, Investor [email protected]
Dream Hard Asset Alternatives Trust
Pauline AlimchandaniChief Financial [email protected]
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Dream Hard Asset Alternatives Trust
Appendix Portfolio Overview
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Dream Hard Asset Alternatives Trust | Income-Producing Properties
Overview - Income Properties
Sussex Centre Mississauga, ON
London City CentreLondon, ON
49 Ontario StreetToronto, ON
10 Lower SpadinaToronto, ON
349 Carlaw AvenueToronto, ON
125 McDonald St.Regina, SK
363 Maxwell Cres.Regina, SK
1105 Pettigrew Ave. Regina, SK
1640 Broder St. Regina, SK
1802 Stock Road Regina, SK
2190 Industrial Drive Regina, SK
25 Imperial StreetToronto, ON
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Dream Hard Asset Alternatives Trust | Lending Portfolio
Overview
MMS Enterprises (Empire)
Oakville, ON
West Vancouver LandsVancouver, BC
YorkvilleToronto, ON
Empire Communities Eau Du SoleilToronto, ON
Fairmont Resort Mt Tremblant, QC
Korf Properties Saskatchewan
Hilldale GardensBurnaby, BC
York DownsMarkham, ON
VillamarkMarkham, ON
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Dream Hard Asset Alternatives Trust | Development and Investment Holdings
Residential & Retail Development
Empire Communities Eau Du SoleilToronto, ON
Empire CommunitiesLakeside
Brampton, ON
Mutual Street Development Toronto, ON
Great Gulf ResidentialLakeshore East
Toronto, ON
Church Wood Residences Toronto, ON
70 Missississauga Rd South
Port Credit, ON
Bayfield Mill Woods LPEdmonton, AB
Bayfield Retail (2009) LP Kingston, ON; Winnipeg, MB
Hotel PUR*Quebec City, QC
ZibiGatineau, QC
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Dream Hard Asset Alternatives Trust | Development and Investment Holdings
Dream Alternatives Trust has two residential development projects with Empire Communities. The projects include a low-rise residential development in Brampton, Ontario and a two-tower condominium development on Lakeshore Blvd. in Toronto, Ontario.
Empire Communities has established a tradition of creating prestigious award-winning homes, new condominiums and communities in the Greater Toronto, Hamilton and Niagara regions, while earning a reputation for outstanding attention to detail and customer service. The company received recognition as Ontario’s 2013 Green Builder of the Year.
Empire has built more than 10,000 homes and high-rise condominiums throughout Southern Ontario and the GTA. Empire’s many neighbourhoods include Beyond the Sea, Rain, Eau Du Soleil, the Hub, Lakeside, Wynfield, Wyndance, Glow and many others.
See www.empirecommunities.com for more information.
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Dream Hard Asset Alternatives Trust | Development and Investment Holdings
The Bayfield LP investments consist of an approximately 20% limited partnership interest in two separate L.P.’s with an investment value of approximately $15 million.
The Bayfield Retail (2009) L.P. owns a 70% co-ownership interest in two shopping centres, one in Kingston, Ontario and the other in Winnipeg, Manitoba.
The Bayfield Mill Woods LP (together with Bayfield Retail 2009 LP) owns approximately 60% of a shopping centre and 100% of an office building.
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Dream Hard Asset Alternatives Trust | Non-IFRS Measures & Forward Looking Information
Forward Looking InformationThis presentation may contain forward-looking information within the meaning of applicable securities legislation. 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 the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to general and local economic and business conditions, employment levels, mortgage and interest rates and regulations, regulatory risks, environmental risks, consumer confidence, the financial condition of tenants and borrowers, local real estate conditions, adverse weather conditions and variability in wind conditions and solar irradiation, reliance on key clients, partners and personnel, the uncertainties of acquisitions and new projects, inflation and competition. All forward-looking information in this presentation speaks as of September 30, 2017. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com).
These filings are also available at the Trust’s website at www.dreamalternatives.ca.
Non-IFRS MeasuresThe Trust’s 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, the Trust discloses and discusses certain non-IFRS financial measures including adjusted funds available for distribution (“AFAD”), annualized AFAD return on net assets, net assets attributable to unitholders of the Trust, debt-to-gross book value, net asset value per unit, and average yield on equity, 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. The Trust 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 net income, total comprehensive income or cash flows generated from operating activities or comparable metrics determined in accordance with IFRS as indicators of the Trust’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” in the Trust’s Management’s Discussion and Analysis for the period ended September 30, 2017.
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Thank you