Good morning, everybody. It is 9:00 A.M. We will now call the meeting to order. My name is Joanne Ferstman, and I am the Chair of the Board of DREAM Unlimited Corp. Welcome to our annual meeting. I will act as Chair of the meeting. Robert Hughes will act as Secretary of the meeting. With the consent of the meeting, I appoint Daniela Munoz and Bryce Dougherty of Computershare Investor Services, Inc., as scrutineers for the meeting. We will now proceed with our formal business. I have an affidavit from Computershare as to the mailing of the notice of availability of proxy materials and the form of proxy. Our circular and other meeting materials were made available through the notice and access system. I would ask the Secretary to place the affidavit before the meeting and to keep the affidavit with the corporate records. Thank you, Rob.
The scrutineers have advised that there are at least two individuals present who are shareholders or who represent by proxy shareholders who hold at least 10% of the vote attached to all outstanding shares. As a result, we have a quorum, and I declare the meeting to be regularly called and properly constituted for the transaction of business. After our formal business is concluded, management will make a brief presentation, and then there will be an opportunity to ask questions. Please hold questions that do not relate to the formal business of the meeting until that time. The first item of business is a presentation of the company's 2018 annual report, which contains the company's audited financial statements for 2018. I note that the Secretary has placed before the meeting a copy of the 2018 annual report. The next item of business is the election of directors.
As stated in our circular, eight directors are to be elected at the meeting, and eight nominees are named. They are Michael J. Cooper, James Eaton, Richard N. Gateman, Jane Gavan, Duncan Jackman, Jennifer Lee Koss, Vincenza Sera, and myself. Would someone please propose the nominees for election?
My name is Jaron Collar. I nominate the individuals listed in the management information circular dated March 9th, 2019, for election as directors of the company to hold office for a term expiring immediately following the annual meeting of shareholders in 2020 or until their respective successors are elected or appointed, or they otherwise cease to hold office.
Thank you. Is there a seconder?
My name is Janice Wu. I second the motion.
Thank you. Are there any further nominations? Seeing no further nominations, I declare the nominations closed. Based on the proxies received, I would mention that each of the eight nominees received the majority of votes cast in favor of their election as director. After the meeting, we will issue a press release with detailed voting results. Given the proxies received, as the number of persons nominated for election as a director is equal to the number of directors to be elected, I propose with the consent of the meeting not to take a formal vote on the election of directors. Therefore, I confirm that the motion has been carried, the eight persons who were nominated have been elected as directors by acclamation. The next item of business is the appointment of auditors.
The audit committee and the board have recommended the reappointment of PricewaterhouseCoopers LLP, chartered professional accountants as auditors. Can I please have a motion?
My name is Steven Pano. I move that PricewaterhouseCoopers LLP be appointed auditors of the company to hold office until the next annual meeting of shareholders or until their successors are appointed, and that the board of directors of the company be authorized to fix their remuneration.
Thank you, Steven.
My name is Dale Maryland. I second the motion.
The meeting will now vote on the motion. I propose to take the vote by show of hands. All those in favor, please raise your hands. Any contrary? The motion is carried. PricewaterhouseCoopers LLP have been reappointed as auditors, and the board authorized to fix their remuneration. This concludes the formal business of the meeting. If there is no further business, I would ask for a motion concluding the meeting. My name is Louise Sullivan. I move that the meeting be concluded. Thank you.
My name is Michael Malossi. I second the motion.
Thank you. All those in favor of the motion, please raise your hands. Any contrary? The motion is carried. I now invite management to make a short presentation. After the presentation, we will have a question period. Thank you.
Good morning, everybody. I like today's location better than last year's. Starting at 10:00 A.M., everybody's welcome to explore the Hall of Fame. Pauline is going to provide a presentation with some facts. I thought I'd try to use a couple of slides and some commentary to provide a context, past, present, future for the business. We put together what I think of as an incredible team of managers who in all cases are doing really innovative work and in many ways are the least in our industry. I'd like to highlight that a bit. The trustees have been very supportive. Just for context, when we went public in 2013, we made CAD 90 million in Western Canadian lands and housing. Since then, it's probably down by about 80%.
As you go through our presentation, you'll see that the focus of the business has changed a lot, and we've adapted for that. There we go. We've always looked at it as our focus is real estate. That's what we do. We do all kinds of real estate. We think there's a lot of commonality between the different kinds and a lot of synergies being involved in lots of different real estate. We work a lot on the mix of assets, and we're going to talk a lot about that today. With regards to value, in 2003, the company was sort of created in its present form. It had a deficit in its equity of CAD 70 million. Last year, it went through CAD 1 billion. Net net, although we raised CAD 56 million of equity, we distributed a lot more than that.
We've gone from minus CAD 70 to over CAD 1 billion all through retained earnings. As you go through the presentation, you hear about our company. It would be great if you keep in mind the quality of assets that we're focused on. We've got five general lines of business, and Western Canada has been a big part of our business. Just for context, in 1994, we invested CAD 4 million in Saskatoon. We haven't really invested more money in Western Canada since then. We have a book value of the Western Canadian business of about CAD 700 million. We have an intercompany of over CAD 280 million, which is money that's come out of Western Canada from that original CAD 4 million. And we built our company based on the profits of Western Canada, primarily from 2000 to 2013. Right now, it's not going that well in Western Canada.
In April, the housing starts came out. Just as a background for the whole country. Firstly, the housing starts in Canada are just fine. Generally, they're around the five-year average. Alberta actually is doing just fine. Ottawa is doing quite well. And Toronto is doing pretty good. A couple of years ago, we had an enormous amount of starts. That's come off. That was actually unsustainable. But I think we've got an average level of housing starts in Toronto. One of the things to keep in mind is a housing start is any start of any kind of place that people live in, and it's really divided by detached homes and multis. And multis include townhouses, they include apartments, they include condos. A long time ago, it would have been about 80% single family homes and 20% multis. Maybe eight years ago, it was 50/50.
In 2018, there was one single family built for every four, 25%. Far this year, it's 16% single family and 84% multi. When you go through our presentation, take a look at what we're doing. You can see that we're really changing our business to focus on multi-family. I mentioned that Western Canada is about CAD 700 million of our capital. I'm going to go back and forth without any kind of definition when I go from market value to book. It's CAD 700 million of book in Western Canada. We own stock in a number of our businesses that we manage. That's around just over CAD 500 million today. I would expect by next year's annual meeting, we will own more in stocks of the company than we have in Western Canada.
Our asset management business, which includes managing DREAM Global and DREAM Industrial, as well as DREAM Alternatives Trust, plus a bunch of third-party development, made about CAD 35 million last year. That's a business you can add whatever multiple you're comfortable with. It's been growing. Often you hear about 10 times, others use up to 20 times. That business is quite valuable. On our stabilized income assets, we now have more than half of our assets and market value in recurring income. The other half is in development, and that's an area that is getting stronger. Meaning the existing assets we have, the income is growing. Plus, we're developing a lot of assets that are becoming income assets. Urban development, that's the new generator of the highest quality assets that we have.
I would expect within three years, urban developments will be a bigger part of our balance sheet than Western Canada. Western Canada, we've got about CAD 140 million of cash out of Western Canada in the last three years, and we expect to do the same the next three years. It's not really growing. We might pick up a bit of land strategically, but for the most part, we're going to drive down our working capital, increase our profits through managing better. It's going to be a lot of focus on using our capital that we have in Western Canada better and all the other areas are growing. With regards to the recurring assets, I mentioned that we're about 50%. One thing to keep in mind is, DREAM's always had a very high percentage of our business has been development. REITs historically have had 100% recurring assets.
Now what we're seeing is DREAM is increasing the amount of recurring assets and the REITs are increasing the amount of development assets. It's going to take a while, but I suspect we're going to meet in the middle. The development assets, as I said, we've got very good quality properties, some of the most exceptional in Toronto. Our Western Canada lands are among the best lands in our markets. Let's see. I'll go to asset management first. Wow, how did I do that? DREAM Global has become a market leader in Europe. It's grown a lot. Very high-quality assets. Went into the Netherlands two years ago. I think that's 58% return in the last two years. It's almost CAD 6 billion of assets. It's got a market cap of CAD 2.7 billion, and that's up probably three times in the last three years.
Jane Gavan has ably run that business since its inception. DREAM Industrial is run by Brian Pauls. It's tripled in size since he joined us about 18 months ago. The business is in good shape. It looks like it's got a lot of runway. DREAM Alternatives is a business that we took over. We bought the management contract. It was a business that was pretty much left for dead. It was in terrible shape. We had an idea, and we turned over the assets, primarily led by Lindsay Brand, although every name I mention, there's a cast of people that support it. Now Stephen Cleghorn and a whole bunch of people are running that business. We've turned it around, and a lot of the developments we talk about are really in DREAM Alternatives. DREAM Alternatives has become a very strategic part of our business.
Altogether, we've got about CAD 8.6 billion of assets that we manage for fees, and that's growing, and they're all doing very well. Here we go. We talk about the securities that we own. We could say we have over CAD 500 million of securities. When we own a development property, sometimes we own 50%, sometimes we own 25%, and then we own a third. We think of that as a direct interest in the real estate. For DREAM Office REIT, we could say that we have CAD 350 million of stock. I tend to think about it much more on a direct basis, which is we basically own 25% of every asset within DREAM Office. DREAM Office has 19 assets in downtown Toronto, and they're quite exceptional. At 12:30 P.M., there'll be a presentation on that business.
Great reveal on some of the stuff we're doing. I think the team is highly motivated about the exciting work we're doing in downtown Toronto. DREAM Alternatives has a couple buildings in downtown Toronto. We own 20% of that one. In both cases, we're expecting our ownership will increase. We look at these as direct interests in real estate. Altogether, when you own a share of DREAM, you're getting somewhere around 27 properties in downtown Toronto. There's not a lot of other places you can do that. In fact, if the number is correct, I believe that DREAM Office alone has more square feet of office in Toronto than Allied Properties does. I mentioned that at the board meeting, and people didn't believe me. I don't expect you to believe me. All the information is public.
You can look at it for yourself. In addition to that, DREAM has a couple million other square feet. There's not a lot of ways to get access to the kind of properties that you can get through DREAM any other way. A-Basin. Why do we own A-Basin? We own A-Basin because we make a lot of money. Just as an example, we bought this for CAD 3 million in 1997. CAD 1.5 million of the purchase price was for water rights. The other CAD 1.5 million was for the ski area. You can see, I think that's CAD 8.5 million of NOI for last year. That's a pretty good return. On February 1st, we gave Vail notice that we have no intention of accepting the Epic Pass at A-Basin anymore. We've gone from 225,000 skiers in 1997 at A-Basin up to about 550,000.
We no longer are able to provide the level of customer service that we want. We think we can provide a better product, plus drive our yields, increase them by almost 100% by generating our own skiers. It's been one of the biggest stories in the ski industry this year because generally, the ski industry has been focusing around two nationwide passes, the Epic Pass and the Ikon Pass. We're kind of going the other way. We're in the heart of Colorado ski country, the most popular area to go skiing in the U.S. We're expecting that the NOI that was CAD 8.5 million last year will probably increase by a minimum of 60% next year. That's an asset that we expect to make CAD 13 million or CAD 14 million at. We paid CAD 3 million for it 20 years ago.
I think as you go through, I'll point out some other ones. I mentioned before our CAD 4 million investment in Western Canada that's turned into something like CAD 1 billion. Here we invested CAD 3 million. It's probably worth CAD 150 million now. We'll show you some other ones. We think there's still tremendous opportunity to grow the income out of this asset. The Broadview Hotel is in the center of where we're doing our largest developments in Toronto. We're partnered with Streetcar. We've been partnered with Streetcar for 12 years. I think that's another theme. We tend to have partners for a long time. This is a beautiful building. It was built, I think, in 1894. It was converted into a small hotel with a large food and beverage. It's won many awards. We've been getting an excellent return from it.
It's interesting because we own 50% of two restaurants there. The Distillery District, we own 50% of four restaurants there. Those businesses have made us a lot of money. A lot of them won awards. A lot of them are among the most popular restaurants in the city of Toronto. Historically, we've developed in order to sell, make money on a one-time, now we're focused a lot more on developing to keep. Well, the presentation presents itself. We started investing in the Distillery District in 1994. Over time with Distillery, we've expanded it, plus with other partners, three other partners. We've accumulated over 60 acres of land in this part of the city. This part of the city is going to be something awesome. Again, I would say, find somebody else who's done this.
Find another business that you can invest in that owns this much real estate with this much potential. The Distillery District, again, for numbers, in 1994, we invested CAD 2.7 million. I don't think that we've invested any more money than that. We've taken out probably 100, maybe 60. Somewhere between CAD 60 million and CAD 100 million we've taken out. Jason might know precisely. We've got a value there now of CAD 358 million. Altogether, we have about CAD 100 million of debt. We're a 50% partner, so that 2.7, in addition to the money we took out, is worth about CAD 130 million.
We've got a project just to the south portion of the Distillery District that has been approved. It's a big project. It'll be about a CAD 650 million project. It will increase the commercial space of the Distillery District by 70%. We're planning on building on top of the six-story commercial building.
We're planning on building 500 apartment units. On the commercial, we've got a lease for 100,000 square feet of 300. We're quite confident we'll have that leasing finished in time before we start. The numbers at the bottom is that we're going to have an asset that's worth CAD 1.1 billion, we're going to increase the Net Operating Income from CAD 10 million to CAD 48 million. Of that CAD 1.1 billion, we'll probably go from CAD 100 million of debt to about CAD 550 million, we're going to increase our equity in it from CAD 130 million to CAD 270 million or so. We're making a lot of money at these things. I would say, if you want to understand our business, I mentioned 1994 in Western Canada, 2004 for the Distillery District, 1997 for A-Basin.
It takes a long time in our business, the returns can be off the charts. The Canary District is what we call the Pan Am Athletes' Village that we partnered with Kilmer. We won the infrastructure. Ontario had to build a CAD 800 million project and have it ready for the athletes to come in 2016. We built the first phase, which was the 810 units that we built as condos. There's probably another 1,000 that are affordable housing and others. We have another 1,000 units, 600 of those are under construction. Another 400 we'll build a little bit later. It's turned out very well. Our team has done an incredible job on the financing. We're partnered with Tricon and Kilmer. Every aspect of this project is being led by our team.
We're developing great relationships through the Pan Am Athletes Village, through a number of other things that we're doing with the city, the province, and we're also doing a great job with CMHC which has made it very clear that they're not that interested in people owning houses. They're interested in creating rental accommodation, and we're working close with them to help them reach their goals. This is probably the most innovative housing idea that anybody's doing, and we're thrilled that we're the ones doing it. This is going to turn out to be close to, what do you think, a billion-dollar project, most likely by the time we're done. The opportunities to expand this kind of work are unimaginable because the city and province are looking for land anywhere they have to try to add housing. This is going to be pretty exciting for us.
I think we can not just do well on this, but replicate it and grow our ability to get land from the governments and turn it into income properties. 100 Steeles is a site we bought with a private partner who's got about 35,000 apartment units. The whole area in Markham here is going through a rezoning and the density being increased. We expect this little retail center we bought will have somewhere between 1 million and 1.4 million square feet of density. It was recently announced that the subway is going to be extended up to Yonge-Eglinton, so it's going to have great public transportation. Around this area are very expensive homes. This is an area that's very popular, and we're going to turn that into some commercial space, some condos, and some more rental.
There's a lot of people that want to develop real estate in Toronto. It is a very competitive field, and there's lots of people with talent. As you'll see with all of our developments, there's a reason why we did it, and there's a story. This site, anytime you look at a map, it's like this huge piece of space that hasn't been developed that's on Lake Ontario. There's not many of those. This was a Texaco refinery up until 1990, I believe. Imperial Oil bought Texaco in 1985. They decommissioned the refinery, and due to Kilmer and our experience in Brownfields, we were able to satisfy Imperial Oil that we could take over the site and deliver it in a way to develop it with no environmental backlash to Imperial Oil. There's not a lot of sites like this.
We're working with the City of Mississauga, who is the governing body for Port Credit. We expect this year we'll have approval for 3,000 units, plus a lot of commercial. We're going to offer an opportunity to live in a community that has 2,000 feet of waterfront on Lake Ontario within minutes walk of the GO Train. It's going to be easier to get to downtown Toronto from this site than it would be at Leslie and York Mills. Zibi is a 35-acre community that we're building that's in the center of Ottawa, center of the National Capital Region. One-third is on the Ottawa side, two-thirds is on the Quebec side. We're almost complete, putting in CAD 100 million of infrastructure. There never were roads and sewers and power and water in this site. We're just about finished that.
As a result of putting in the infrastructure, we're going to have sites to build 43 different buildings. The first one was completed in the fall, that was a condo building. We've got another condo building that's finishing up this fall. We've got three commercial buildings that are renovations, sort of like what we have at the distillery. We're getting to the final strokes of having a significant lease that will launch a brand new 180,000 sq ft building. We're starting our first apartment with a partner in probably the next three months, we'll have that done. The picture on the inset is Zibi House, which is our attempt to be able to communicate with people in Ottawa what it is that we're doing. We're going to have 5,000 people living there, probably 6,000 people working there, it's going to be a major change to the city.
We've got a lot of support. We've had the Ministry of Environment from the feds there. We've had a Ministry of the Environment from Ontario there. A couple of things. This should be the most sustainable community in North America. A lot of it is due to the location, but we're working with Hydro Ottawa to create a heating district that's going to use the water to cool and waste from an industrial plant to heat. We're going to use energy that's there. We're not even talking about spending money to create renewable power. It's just there already. We're going to turn the energy that's there into usefulness. We're creating something special here, we think that we're going to end up with maybe 1,500 apartment units. We'll probably sell 1,000 and maybe a million sq ft of commercial. Where's Mark Rothschild?
We've been talking about Providence since you became a REIT analyst. Swear to God, the Ring Road will be complete next fall. Again, we bought the first site where it says number 2. We bought 320 acres there at CAD 19,000 an acre, we sold land to the province of Alberta at about CAD 260,000. We made some money not doing anything. Now we're getting ready to do something. This village center is right off the highway. It's about 35 acres. It's going to be bigger than Zibi, it's 35 acres out of 1,600. This is a long-term future development, but I think it's probably the largest development in the city boundaries of Calgary. In Saskatoon, this is another big development. These are the two big developments that we think are really going to power the future of our company.
Between the two of them, that's half the land that we own in Western Canada. We're building out. The movie theater is open. We're building out a retail center to support the development for 230,000 sq ft. I think next week we're starting to move dirt to start our first apartment building there. We think we've got a lot of opportunity to build rental. This is by far the best development in the city of Saskatoon. People want to live here, we're working hard to try to capture the goodwill that we've created by building a great community. This is a chart that illustrates that we're going to be driving our recurring income up by about CAD 40 million over the next seven or eight years. This is just an example. I think there's a lot more.
I don't think A-Basin is in this that we think will add another CAD 10 million. I think the main thing to think about is we've grown our book value. Pauline explained that by a lot. I think we went public with CAD 380 million of equity six years ago. Now we're over CAD 1 billion. The company is doing great. We've had to adapt to very tough environment in Western Canada. We've had to adapt to incredibly difficult governments overseeing development. Every year we increase the quality of our assets. Now we're really focused on recycling capital to get our money where we think it can provide the most long-term value and development into recurring income. We've got as best-in-class properties that will propel the value of the company. I think that throughout what I've shown you, there's quite a few examples of some real innovation in our business.
I'm expecting, I think over the balance of the year, there'll probably be at least once a month a press release of us doing something that hasn't been done before in our industry. Alate Partners , there's a lot of interest in technology and real estate, how it's going to make the business better. Every big real estate business is involved in it. We took a different approach. Venture capital is a different industry than real estate. We met up with Relay Ventures, which is probably the most successful venture capitalist in Canada. We said, "Why don't we do a partnership on the kind of venture capital that relates to real estate?" For us, it's been great because we have their whole infrastructure and network. They've got offices in Silicon Valley as well as Toronto. We make great inroads. We've done three investments.
One of them came from us and DREAM Office looking for some better way to manage tenants, and we like the company, so we ended up investing in it. I think we own 20% of it now. It's doing test runs for Brookfield and Blackstone and everybody in the U.S. I think it's got something like 68 million square feet of office space on their app. We invested in a company that does parking. It's really interesting. The idea is, and I think you can do this now with Maple Leaf Sports, if you wanted to get concert tickets or something like that, after you buy the concert tickets, it'll come up and say, do you want parking? It'll arrange parking for you. You can choose the pricing that exists and stuff like that. There's a lot going on in the parking industry.
SoftBank, which has been propelling the whole venture capital business. They're the number one behind Uber and WeWork and stuff like that. They're rolling up the parking industry in the U.S. I think that's going to be an exciting area. The last one we did is completely different. We invested in Bird, which is a scooter company. As part of that, we've got the rights with Relay to operate the scooter business in Canada. I think there's a lot of interesting things that are happening with micro transportation around real estate. It's a really important part of what we're doing when you think about Zibi, the way to get around from there to the LRT, same thing with the Distillery, even our Bay Street Village, which we'll reveal more about later. The technology is really helping us understand how to be better at our business.
I think it's helping our organization getting smarter. In addition to that, I think we're going to end up making quite a bit of money in it. I think our total investment in that is about one half of 1% of the company. Of DREAM, we're going to get a lot of benefits from it. Here's a snapshot. I would say that we've got a lot of good people who are spending every day trying to excel in all of these areas, and so far it's been going very well. Thank you.
In the fourth quarter of 2019, we redid all of our financial disclosures to better reflect how we view and manage our business. Our operating results, which Michael sort of already touched on, are now defined as follows. Asset management and investments in the DREAM publicly listed funds, collectively, we refer to it as asset management. This includes managing the publicly listed funds and various third-party development partnerships, in addition to our equity interests that we own in DREAM Office REIT, DREAM Alternatives, and DREAM Global. In future periods, the development fees generated within this segment will increase materially, particularly as we are now the lead developer for several large partnership projects, in addition to developing on behalf of DREAM Office and DREAM Alternatives.
The book value of this segment is understated because we have very little value ascribed to our asset management business, which was created from scratch on our financial statements. Stabilized income-generating assets includes A-Basin, which is our ski hill in Colorado, income-producing assets in Western Canada and Toronto, including the Distillery District, and the ownership of a renewable power portfolio. Urban development, Toronto and Ottawa includes our condominium, purpose-built rental, and mixed-use developments in Greater Toronto Area and Ottawa, many of which were showcased by Michael. Western Canada community development includes land, housing, and all our vertical building in Saskatchewan and Alberta. Of the CAD 2 billion of assets on our balance sheet, approximately 35% is at fair value with the rest at book value. The most important measure that we focus on to measure our performance and our success is our growth in book equity per share.
Over the last two years, we have made a conscious decision to increase our reoccurring income sources to build a safer and more valuable company. We've increased our pre-tax reoccurring income by approximately 50% from just two years ago. The majority of this increase was driven by the underlying growth in the asset base of the DREAM publicly listed entities, specifically DREAM Global and DREAM Industrial, who completed an aggregate CAD 2.2 billion of acquisitions over the last two years, and by expanding our development management business to manage on behalf of third parties. Additionally, we have invested over CAD 120 million in DREAM Office and CAD 45 million in DREAM Alternatives over the last two years, thereby increasing the amount of distribution income we received from the two entities.
We are very pleased that the diversification of our asset base over the last few years has enabled us to introduce a regular quarterly dividend commencing in the first quarter of 2019, which is supported by the growth of our reoccurring income-generating assets. Our reoccurring income exceeds our expenses for the entire platform by a wide margin, and our first quarter of 2019 numbers reflect continued growth in our reoccurring income. As a developer and asset manager, we have invested in the portfolio of best-in-class assets across Toronto and Ottawa over the last two years, significantly diversifying our asset base. With the project pipeline we have today, alongside our exceptional partners, we expect to develop over 12,000 residential units, including purpose-built rentals and 3.7 million sq ft of retail and commercial space in Toronto and Ottawa.
These projects include the future phases of the West Don Lands, City, Distillery, Canary, Port Credit, and Lakeshore East, to name a few. A number of which are co-owned with DREAM Alternatives. As we execute on these developments and hold key assets over the long term, we anticipate our income assets will continue to grow over time as we include newly developed properties. This shows that we expect to double our reoccurring income gradually from now until 2027 as we increase income generated from our current assets and build new ones. We expect this will improve the strength of our balance sheet, covenant, earnings quality, and the overall value of our business. Our strategy includes developing the assets we own today on our balance sheet and does not consider any new acquisitions or ideas.
If we stay on course with our business plan, we would expect to grow our assets by almost CAD 1 billion while decreasing our leverage. This slide shows a snapshot of all of our development assets by geography. We continue to work on all of our projects in Toronto and Ottawa, and we're selectively building retail, commercial, and apartments within our master-planned communities out West, where there is ample demand and sufficient returns and where there are strategic benefits to the entire community. As of March 31st, 2019, DREAM owned over CAD 520 million in the DREAM publicly listed funds, inclusive of units held in DREAM Office REIT, DREAM Alternatives, and DREAM Global, which accounts for about 60% of our market cap. In 2018, our asset management business generated CAD 33.3 million of management fees, which included development-related fees, which we expect will grow significantly in future years.
Using analyst consensus multiples on our asset management income, it is very easy to account for all of the current market cap of the company just through the DREAM asset management business, our ownership in the DREAM publicly listed funds, and if you choose one asset, the 50% ownership in the Distillery District. Said differently, the current market cap of the company does not account, in our view, for our Toronto, Ottawa, or Western Canadian lands, A-Basin , Renewable Power, and other assets. Here in this slide, we use information and values within analyst consensus numbers to demonstrate the intrinsic value of the company, but we believe that it's likely higher. This next slide includes a chart that we have shown at every AGM since we have gone public.
We have generated a 17% compound annual growth rate in book equity per share since we became a public company in 2013. We believe this is an impressive result given that in 2013, we generated over 1,800 lot sales, and in 2018, we generated less than half of that amount. These stats highlight the strength of our diversification and the significant contribution from our other business segments to more than offset any decrease in contribution from out West. We are confident that we will continue to generate increases in book value per share on an annual basis for many years to come. This last slide demonstrates the skills and expertise of the DREAM team across multiple disciplines. We believe our best assets are our people and all that they contribute to the value of our company, operations, and our underlying assets and our future growth opportunities.
Thank you for joining us at our AGM today. I will now turn it back over to Michael to answer any questions that you have.
Are there any questions? I'm shocked. Which one of you wants to go first?
The only thing that really worries me is that with all the issues that are out there, and I see that with the current market crash, and it's turning into a situation where pension funds and things like that are going to be affected. What we would hope is that you want to know that
I think last week, Brookfield said that they're looking to find companies that are public that aren't in the index as a great opportunity. The public markets are getting less and less efficient in my mind. Having said that, I bought 1.1 million shares last year. The company picked up 2 million shares. Did you buy any? Because I think if people buy more, the stock price will go up. I'm doing my part. The part I would say is, when you listen to what we were talking about five years ago, we were a Western Canadian land and housing business. We've completely changed the business. We've moved capital around into areas that we think have more potential. We've recycled our capital into newer areas that we have opportunities to build a lasting business.
We rank that as a higher priority than putting all our money to buying shares. The reason we did that was we didn't really want to own more Saskatoon housing. We've been trying to own less of Saskatoon housing by going elsewhere. I would say a lot of our repositioning is complete. You might see a lot more focus on buying back shares. Yes.
Well, Bernie from Bernie and Mr. Cooper.
You haven't moved.
No. My question is, now Dundee Corporation.
Oh my God. That's like 1941.
Okay, that was the holding company over the whole empire.
Yeah.
We had shares in each of the subsidiaries. What's the current state of Dundee? Which the share price has just gone down. What is the current state of their intertwining with the DREAM system?
No intertwining.
Don't they hold shares in each of the?
They own nothing.
Yet they did in the past.
They did. Sorry, I'm not being mysterious. They did, and now they don't. It started in 2013, where we spun out DREAM Unlimited. Between 2013 and 2014, they sold, I think, 100% of all the shares they had in the REITs. I can't remember if it was probably 2017, they sold the remaining shares that they have in DREAM Unlimited. I do not believe there's any assets-
No connection whatsoever.
No.
I think that's all I wanted to know. Thank you.
I'm glad to be able to have a full answer that's complete. Any other questions? Okay, well, in a few minutes, the hall of fame will be open, as well as we have DREAM Industrial REIT and DREAM Office reporting later here. We really hope you have a chance to stay around and see how each of our management teams are doing great. Thank you very much.