Dream Impact 5 50 Convertible Unsecured Subordinated Debentures T.MPCT.DB

Alternate Symbol(s): T.MPCT.DB.A

Real Estate Real Estate - General

Dream Impact Trust is a Canada-based open-ended trust dedicated to impact investing. The Company operates through two segments: Development and investment holdings, and recurring income. The Development and investment holdings segment comprised direct and indirect investments in residential and mixed-use developments, a hospitality asset, and participating mortgage receivables. The Recurring income segment comprised a portfolio of commercial real estate income properties and multi-family rental assets in the Greater Toronto Area (GTA) and Ottawa/Gatineau, a utility asset, and interest-paying corporate loans. The Company is managed by Dream Asset Management Corporation (DAM).

TSX:MPCT.DB - Post by User

Dream Impact 5 50 Convertible Unsecured Subordinated Debentures > Government is doing everything in MPCTs Favor. Links below.

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Comment by InvestSmarteron Sep 19, 2024 12:03am

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RE:RE:RE:RE:RE:RE:RE:RE:RE:Government is doing everything in MPCTs Favor. Links below.

When MPCT doubles and hits $8, we are paying DAM only $4.5-5M in units to manage over 700M in assets.

DRM is investing heavily in MPCT. Instead of taking cash like every other asset manager would, DRM takes units at full NAV. DRM has incentive for the unit price to go up, and NAV to go up. The commitment and support by DRM by taking units for the next 3 years is almost unprecedented. They would not do this if they didn't believe in the future of MPCT, they would just suck it dry by taking cash like other REITs.

As I mentioned before, MPCT has some of the best assets in Canada of any public traded Apartment REIT focused in Toronto / Ottawa area. Normally these assets can only be found in the private sector. DRM wants more of it and this is how they choose to take a bigger chunk while supporting MPCT. It's up to retail investors if they like the asset quality and 12-18 month plan of these assets coming online and finally producing material recurring income (almost 40M by 2026) and the Distribution reinstatement is coming in probably a year from now.

It took MPCT less than a year to occupy 80-90% of the new 770 Unit Maple House at Canary Landing development. That is how good these assets and developments are. We are buying at less than 20% of NAV (and this NAV is going to go up, its real.) and get what I suspect meaningful capital appreciation and surprises of 49 Ontario, Scarborough Junction and a distribution reinstatement along the way.

InvestSmarter wrote: We are paying DAM $2.2M worth of units annually at current $4/unit market price to manage over 700 Million in assets, and all the loads of development and rezoing work required to get our assets ready for shovels in the ground (most of that work is done now). This is one of the lowest cost of management fees to asset value in the entire Canadian REIT sector.

"not sure where your 550,000 for 2024 comes from" - Read the Q1 Financials.

Ogopogo26 wrote: I am aware and understand the arrangements, but a 5% dilution I wouldn't explain as a fraction of cost.

As of Q2, shares outstanding are 17,973k compared to 17,572k end of 2023, so again an increase of about 400,000 shares, so not sure where your 550,000 for 2024 comes from. Based on my estimates we're looking at 800,000 shares and again a dilution of 4-5%.

I know we get their expertise, but at 5% of market cap I don't find that cheap?