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Dream Impact Trust (TSE:MPCT.UN)
TSX:MPCT.UN
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Dream Impact Trust
(TSX:MPCT.UN)
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Rating:42Neutral
Price Target:
C$1.50
▲(0.00% Upside)
Dream Impact Trust's overall stock score is primarily impacted by its poor financial performance, characterized by declining revenues and profitability, and negative cash flows. Technical analysis further indicates bearish momentum. Although there are some positive developments in leasing and debt management, these are overshadowed by the financial challenges and valuation concerns.
Positive Factors
Leasing Performance Improvement
Improved leasing performance indicates better asset utilization and potential for increased rental income, enhancing long-term revenue stability.
Debt Management Progress
Effective debt management reduces financial risk and interest burden, improving financial stability and flexibility for future investments.
Portfolio Transition to Apartments
Shifting focus to apartments aligns with stable demand trends, potentially enhancing occupancy rates and reducing market risk exposure.
Negative Factors
Rising Net Loss
Increasing net losses highlight ongoing financial challenges, potentially impacting the company's ability to invest in growth and sustain operations.
Declining Revenue Growth
Negative revenue growth reflects potential market challenges and operational inefficiencies, threatening long-term profitability and market position.
Negative Cash Flow Trends
Negative cash flow trends limit the company's ability to meet financial obligations and invest in future growth, posing risks to financial health.
Dream Impact Trust (MPCT.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$31.70M
Dividend YieldN/A
Average Volume (3M)21.95K
Price to Earnings (P/E)―
Beta (1Y)1.50
Revenue Growth-25.69%
EPS Growth0.12%
CountryCA
EmployeesN/A
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)-0.56
Shares Outstanding18,866,970
10 Day Avg. Volume15,414
30 Day Avg. Volume21,952
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)0.17
Price to Sales (P/S)3.79
P/FCF Ratio-4.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Dream Impact Trust Business Overview & Revenue Model
Company DescriptionDream Hard Asset Alternatives Trust specializes in hard asset alternative investments including real estate, real estate lending and infrastructure, including renewable power.
How the Company Makes MoneyDream Impact Trust generates revenue primarily through rental income from its real estate assets. The company leases residential units to tenants, providing a steady stream of rental payments, while also leasing commercial spaces to businesses, which contribute to its overall income. Additionally, MPCT.UN may benefit from property appreciation over time, enhancing its asset value. The trust may also engage in strategic partnerships with local organizations and property management firms to optimize its asset management and operational efficiency. These collaborations can lead to enhanced occupancy rates and tenant satisfaction, thus boosting revenue. Furthermore, the company may explore various financing options, including debt financing, to leverage its investments and increase returns on equity.
Dream Impact Trust Earnings Call Summary
Earnings Call Date:Nov 03, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 24, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a mixed sentiment with notable progress in leasing and project advancements, yet offset by challenges such as increased net loss and stagnant same-property NOI. While there are significant achievements in project stabilization and debt management, the financial pressures and market conditions present ongoing challenges.Q3-2025 Updates
Positive Updates
Increase in Leasing Performance
Leasing performance improved significantly over the third quarter, with assets approximately 9% leased, up from 75% last quarter.
Stabilization of Purpose-Built Rentals
Two buildings are approaching stabilization with significant leasing increases. Once stabilized, loans will become nonrecourse, marking a substantial accomplishment.
Progress at 49 Ontario and Quayside
Construction started at 49 Ontario with expectations to finalize CMHC debt soon. Quayside is advancing, with construction expected to start in the second half of next year.
Debt Maturity Management
Reduced outstanding debt by over $119 million, including extensions for $84 million of land loans without repayment.
Negative Updates
Net Loss Increase
The Trust recognized a net loss of $10.3 million compared to a net loss of $7.6 million in the prior year quarter.
Average Rent Decline
Average rents are slightly down quarter-over-quarter due to incentives and increased condo deliveries, reducing expected rents by about 15%.
Stagnant Same-Property NOI
Same-property NOI was unchanged year-over-year, with occupancy stable but offset by higher operating expenses, notably property taxes.
Company Guidance
During the Dream Impact Trust Third Quarter Conference Call held on November 4, 2025, management provided an update on their progress and financial performance. The Trust recognized a net loss of $10.3 million in Q3 2025, compared to a net loss of $7.6 million in the prior year, attributed partly to deferred tax recoveries and condo occupancies. Occupancy remained stable at 95%, with same-property net operating income (NOI) consistent at $1.7 million. For assets in lease-up, leasing performance improved, with occupancy increasing to approximately 9% from 75% in the previous quarter. The Trust completed closings for nearly 400 units at Brightwater over the past 12 months, with construction underway at Cherry House and Odenak, expected to bring nearly 1,500 units to market over the next two years. Debt management included reducing outstanding debt by $119 million, with significant progress on extending land loans and construction loan repayments. The Trust aims to have about 90% of its portfolio as apartments by 2030, focusing on stabilizing cash flows and reducing risk.Dream Impact Trust Financial Statement Overview
Summary
Dream Impact Trust faces significant financial challenges, with negative revenue and profitability metrics in the TTM period. The balance sheet shows moderate leverage but negative returns on equity, highlighting profitability issues. Cash flow analysis indicates ongoing cash flow difficulties, with negative operating and free cash flows. The company needs to address operational inefficiencies and improve cash flow management to stabilize its financial position.Income Statement
The income statement shows significant challenges with negative revenue and margins in the TTM period. The company experienced a drastic revenue decline of 978.69% in the TTM, indicating severe operational difficulties. Historical data shows fluctuating revenue and profitability, with recent years showing negative net income and margins, reflecting ongoing financial struggles.Balance Sheet
The balance sheet indicates moderate leverage with a debt-to-equity ratio of 0.68 in the latest annual report. However, the return on equity is negative, suggesting inefficiencies in generating returns from equity. The equity ratio remains stable, indicating a reasonable proportion of equity financing, but the negative ROE highlights profitability concerns.Cash Flow
Cash flow analysis reveals negative operating and free cash flows in the TTM period, with a slight improvement in free cash flow growth. The operating cash flow to net income ratio is unfavorable, indicating cash flow challenges. Historical data shows inconsistent cash flow performance, with recent periods reflecting cash flow deficits.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -27.51M | 17.97M | -43.51M | -31.03M | 36.49M | 36.76M |
| Gross Profit | -27.51M | 8.68M | -53.22M | -43.92M | 23.59M | 23.38M |
| EBITDA | -750.00K | 1.47M | -84.46M | -37.58M | 20.25M | 0.00 |
| Net Income | -38.89M | -26.03M | -44.14M | -43.55M | 21.45M | 16.34M |
Balance Sheet | ||||||
| Total Assets | 656.89M | 684.42M | 707.43M | 724.17M | 701.70M | 648.51M |
| Cash, Cash Equivalents and Short-Term Investments | 7.59M | 19.44M | 8.71M | 2.24M | 8.43M | 110.67M |
| Total Debt | 260.05M | 272.66M | 270.06M | 226.34M | 133.15M | 88.19M |
| Total Liabilities | 286.68M | 283.18M | 278.77M | 245.44M | 164.77M | 108.64M |
| Stockholders Equity | 370.21M | 401.24M | 428.66M | 478.73M | 536.93M | 539.88M |
Cash Flow | ||||||
| Free Cash Flow | -17.83M | -15.23M | -23.50M | -10.96M | 13.31M | 4.14M |
| Operating Cash Flow | -9.97M | -12.47M | -21.46M | -7.42M | 15.43M | 6.33M |
| Investing Cash Flow | -6.47M | 21.90M | -12.62M | -60.71M | -128.87M | 38.99M |
| Financing Cash Flow | 207.00K | 611.00K | 38.01M | 61.95M | 11.21M | -52.44M |
Dream Impact Trust Technical Analysis
Positive
1.50
Price Trends
1.42
Positive
1.60
Positive
2.11
Negative
Market Momentum
0.05
Negative
67.45
Neutral
81.03
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MPCT.UN, the sentiment is Positive. The current price of 1.5 is above the 20-day moving average (MA) of 1.45, above the 50-day MA of 1.42, and below the 200-day MA of 2.11, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 67.45 is Neutral, neither overbought nor oversold. The STOCH value of 81.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MPCT.UN.
Dream Impact Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$364.55M | 8.76 | 8.60% | 7.37% | 0.92% | 92.93% | |
75 Outperform | C$227.46M | 11.82 | 6.20% | 8.65% | 2.69% | -45.80% | |
75 Outperform | C$119.26M | 8.91 | 10.16% | 6.15% | 3.20% | 39.37% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
52 Neutral | C$2.87B | -7.00 | -8.74% | 7.05% | -0.83% | -56.21% | |
48 Neutral | C$32.98M | -0.92 | -17.55% | ― | -7.30% | 55.77% | |
42 Neutral | C$31.70M | -0.79 | -9.99% | ― | -25.69% | 0.12% |
* Real Estate Sector Average
TSE:MPCT.UN
Dream Impact Trust
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-1.76
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.