Good morning, everybody. It's 09:00. We will now call the meeting to order. My name is Joanne Furstman, and I'm the Chair of the Board of Dream Unlimited Corp. Welcome 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 Doucherde 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 votes attached 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. Gaitman, Jane Gavin, Duncan Jackman, Jennifer Leekoff, Vincenzo Serra and myself.
Would someone please propose the nominees for election?
My name is Jaren Koller. I nominate the individuals listed in the management information circular dated 03/09/2019 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.
You. You're a seconder?
My name is Janet Wu and 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 and 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 and the eight persons who were nominated 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. My
name is Dale Merland. 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 hand. 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 that today's location better than last year's and starting at ten a. M. Everybody's welcome to explore the Hall of Fame. Pauline is going to provide a presentation with some facts.
I thought I tried to use a couple of slides and some commentary to provide a context, past, present and 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, many ways are the least in our industry. So 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 $90,000,000 in Western Canadian Lands and Housing.
Since then, probably it's down by about 80%. So 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. Here we go. So 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. But with regards to value, in 2,003, the company was sort of created in its present form. It had a deficit in its equity of $70,000,000 and last year it went through $1,000,000,000 Net net, although we raised $56,000,000 of equity, distributed a lot more than that.
So we've gone from minus 70,000,000 to over $1,000,000,000 all through retained earnings. As you go through the presentation, you hear about our company, it'd 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 $4,000,000 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 $700,000,000 We have a intercompany of over $280,000,000 which is money that's come out of Western Canada from that original $4,000,000 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. And just 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 housing starts in Toronto. One of 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. 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 fifty-fifty.
In 2018, there was one single family built for every 25%. So far this year, it's 16% single family and 84% multi. So 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 multifamily. So I mentioned that Western Canada is about $700,000,000 of our capital. I'm going go back and forth as without any kind of definition when I go to market value to book.
But it's about $700,000,000 of book in Western Canada. We own stock in a number of our businesses that we manage. That's around just over $500,000,000 today. I would expect by next year's annual meeting, 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 Alternative Trust plus a bunch of third party development made about $35,000,000 last year.
That's a business you can add whatever multiple you're comfortable with. It's been growing often a year 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.
And urban development, that's the new generator of the highest quality assets that we have. And I would expect within three years urban developments will be a higher bigger part of our balance sheet than Western Canada. So Western Canada, we've got about $140,000,000 of cash out of Western Canada in the last three years and that we expect to do the same in 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, but it's going to be a lot of focus on use 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 at about 50%. One thing to keep in mind is Dreams always percentage of our businesses in development. And REITs historically have had 100% recurring assets. And now what we're seeing is Dream is increasing the amount of recurring assets and the REITs are increasing the amount of development assets. And it's going to take a while, but I suspect we're going to meet in the middle.
And 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. Well, I didn't even do that.
Green Global has become a market leader in Europe. It's grown a lot, very high quality assets. Went to The Netherlands two years ago. I think that's 58% return in the last two years. It's almost $6,000,000,000 of assets.
It's got a market cap of $2,700,000,000 and that's up probably three times in the last three years. Jane Gavin is able to run that building since business since its inception. Dream Industrial is run by Ryan Pauls. It's tripled in size since he joined us about eighteen months ago. And 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, but we had an idea.
We turned over the assets primarily led by Lindsay Brand, although every name I mentioned is a cast of people that support it. And now Stephen Cleggorn and a whole bunch of people are running that business, But we've turned it around and a lot of the developments we talk about are really in Dream Alternatives. Dream Alternatives become a very strategic part of our business. And altogether, we've got about $8,600,000,000 of assets that we manage for fees and that's growing and they're all doing very well. There we go.
We talk about the securities that we own. So we could say we have over $500,000,000 of securities. When we own a development property, sometimes we own 50%, sometimes we own 25%, then we own a third. And we think of that as a direct interest in the real estate. For Dream Office REIT, we could say that we have $350,000,000 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, there'll be a presentation on that business. We're going to reveal great reveal on some of the we're doing. And I think the team is highly motivated about the exciting work we're doing in Downtown Toronto.
Dream Alternatives has a couple of buildings in Downtown Toronto and we own 20% of that one. In both cases, we're expecting our ownership will increase. But we look at these as direct interest in real estate. Altogether, when you own a share of Dream, you're getting somewhere around 27 properties in Downtown Toronto. And there's not a lot of other place 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. And I mentioned that at the Board meeting and people didn't believe me. I don't expect you to believe me. But all the information is public. You can look at it for yourself.
In addition to that, Dream has a couple million other square feet. So we're I mean, 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 $3,000,000 in 1997. Dollars 1,500,000.0 of the purchase price was for water rights. The other $1,500,000 was for the ski area. You can see, I think that's $8,500,000 of NOI for last year. That's a pretty good return.
On February 1, 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 a level of customer service that we want. And 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 Icon Pass.
We're kind of going the other way, but we're in the heart of Colorado ski country, the most popular ski areas most popular area to go skiing in The U. S. We're expecting that the NOI that was $8,500,000 last year will probably increase by a minimum of 60% next year. So that's an asset that we expect to make 13,000,000 or $14,000,000 at. We paid $3,000,000 for twenty years ago.
But I think as you go through, I'll point out some other ones. I mentioned before our $4,000,000 investment in Western Canada, this turned into something like $1,000,000,000 Here we invested $3,000,000 It's probably worth 150,000,000 now. And we'll show you some other ones, but 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 partners with Streetcar.
We've been partners with Streetcar for twelve years. And 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 and we've been getting an excellent return from it. It's interesting because we own 50% of two restaurants there. The distillery, own 50% of four restaurants there. And those businesses made us a lot of money.
And I mean, lot of them won awards, a lot of them among those popular restaurants in the city of Toronto. Historically, we've developed in order to sell, make money on a one time and now we're focused a lot more on developing to keep. Well, what we've the presentation presents itself. We started investing in Distillery District in 1994. And 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. And 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 $2,700,000 I don't think that we've invested any more money than that. We've taken out probably 100,000,000 maybe 60,000,000 somewhere between 60 and $100,000,000 we've taken out.
Jason might know precisely. And we've got a value there now of $358,000,000 Altogether, we have about $100,000,000 of debt. We're a 50% partner. So that $2,700,000 in addition to the money we took out is worth about 130,000,000 And we've got a project just to the south portion of the Distillery District that has been approved. It's a big, big project.
It will be about $650,000,000 project. It will increase the commercial space of this distillery by 70%. We're planning on building on top of the six storey 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.
The rest of it's all done with letters of intent. And we're quite confident we'll have that leasing finished in time before we start. And the numbers at the bottom is that we're going have an asset that's worth $1,100,000,000 and we're going to increase the net operating income from $10,000,000 to $48,000,000 And of that $1,100,000,000 we'll probably go from $100,000,000 of debt to about $550,000,000 and we're going to increase our equity in it from $130,000,000 to $270,000,000 or so. So we're making a lot of money at these things. But I would say, if you want to understand our business, I mentioned 1994 in Western Canada 94 in Western Canada, 2,004 for the distillery, 1997 for A Basin.
It takes a long time in our business, but the returns can be off the charts. The Canary District is what we call the Pan Am Athletes Village that we partnered with Kilmer and we won the infrastructure Ontario had to build an $800,000,000 project and have it ready for the athletes to come in 2016. We built the first phase, which was the eight ten units that we built as condos and probably another 1,000 that are affordable housing and others. And we have another 1,000 units, 600 of those are under construction, another 400 we'll build a little bit later. But it's turned out very well.
Our team has done an incredible job on the financing. We're partnered with Tricon and Kilmer and every aspect of this project is being led by our team. We're developing great relationships through the Pan Am athletes village, 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, 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 going turn out to be close to, what do you think, $1,000,000,000 project most likely by the time we're done. And 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.
So this is going be pretty exciting for us. Because 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 Steels is a site we bought with a private partner who's got about 35,000 apartment units. This is going through 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 1,000,001,400,000 square feet of density.
It was recently announced that the subway is going to be extended up to Young And Steel, 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. And it is a very, very competitive field and there's lots of people with talent.
And as you'll see with all of our developments is the reason why we did it and there's a story. This was this site, anytime you look at a map, it's like this huge piece of space that hasn't been developed. It's on Lake Ontario. So there's not many of those. This was Texaco refinery up until 1990, I believe.
Imperial Oil bought Texaco in 1985. They did decommission 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 credit.
We expect this year we'll have approval for 3,000 units plus a lot of commercial. And we're going to offer opportunity to live in a community that is 2,000 feet of waterfront on Lake Ontario within minutes walk of the GO train. So it's going to be easier to get to Downtown Toronto from this site than it would be at Leslie And York Mills. Zibby is a 35 acre community that we're building that's in the center of Ottawa, center of the National Capital Region. Onethree is on the Ottawa side, Twothree is on the Quebec side.
We're almost complete putting in $100,000,000 of infrastructure because there never were roads and sewers and power and water in this site. So 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 and 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 renovation, 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 square foot 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 Zibby 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.
And it's going be a major change to the city. We've got a lot of support. We've had the Ministry of Environment from the Fed there. We've had the Ministry of Environment the 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 Ontario Ottawa Hydro to create a district, a heating district that's going to use the water to cool and waste from an industrial plant to heat. And we're going to use energy that's there. We're not even talking about creating spending money to create renewable power.
It's just there already. We're going turn the energy that's there into usefulness. So we're creating something special here. And we think that we're going to end up with maybe 1,500 apartment units, we'll probably sell 1,000 and maybe 1,000,000 square feet of commercial. Where is Mark Roshow?
We've been talking about Providence since you became a REIT analyst. But swear to God, the Ring Road will be complete next fall. And this is we again, we bought the first site where it says Number two. We bought three twenty acres there at 19,000 an acre, And we sold land to the province of Alberta at about $260,000 So 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 Zibby. And it's 35 acres out of 1,600. So this is a long term future development.
But I think it's going to be it's probably the largest development in the city boundaries 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 theaters open.
We're building out a retail center to support the development for 430,000 square feet. I think next week, we're starting to move dirt to start our first apartment building there. And 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.
And we're working hard to try to capture the goodwill that we created by building a great community. This is a chart that illustrates that we're going to be driving our recurring income by about $40,000,000 over the next seven or eight years. This is just an example. I mean, I think there's a lot more. I don't think a basin is in this that we think we'll add another $10,000,000 But 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 $380,000,000 of equity six years ago. Now we're over $1,000,000,000 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.
But 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 will get us 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, they'll probably be at least once a month a press release of us doing something that hasn't been done before in our industry.
Our late partners, there's a lot of interest in technology and real estate, how it's going to make the business better. And every big real estate business is involved in it. We took a different approach. Venture capital is a different industry than real estate. And we met up with Relay Ventures, which is probably the most successful venture capitalist in Canada.
And we said, why don't we do a partnership on the kind of venture capital that relates to real estate? And 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. And we make great inroads. We've done three investments.
One of them came from us in 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. And it's doing test runs for Brookfield and Blackstone and everybody in the state. I think it's got something like 68,000,000 square feet of office space on their app.
We invested in a company that is parking. It's really interesting. It's 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 that will come up and say, do want parking and it'll arrange parking for you, you can choose the pricing and the distance, stuff like that. And there's a lot going on in the parking industry. SoftBank, which has been propelling the whole venture capital business, they're number one behind Uber and WeWork and stuff like that.
They're rolling up the parking industry in The States. So 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. And as part of that, we've got the rights with Relay to operate the scooter business in Canada.
And 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 Zibby, 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. So I think it's helping our organization getting smarter.
But 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, but we're going to get a lot of benefits from it. Here's a snapshot. And 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 twenty nineteen, 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 management. This includes managing the publicly listed funds and various third party development partnerships in addition to our equity interest 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 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 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 development in Greater Toronto Area in 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 $2,000,000,000 of assets on our balance sheet, approximately 35 percent 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 pretax 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 $2,200,000,000 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 $120,000,000 in Dream Office and $45,000,000 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 twenty nineteen, 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 2019 members 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 3,700,000 square feet of retail and commercial space in Toronto and Ottawa. These projects include the future phases of the West Don Land, Citi, Distillery, Canary, Fork 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 they include newly developed properties.
This shows that we expect to double our recurring 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 $1,000,000,000 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 plan communities out West, where there is ample demand and sufficient returns and where there are strategic benefits to the entire community. As of March 3139, Dream owned over five twenty million dollars 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 $33,300,000 of development 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 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? 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 opportunities. The public markets are getting and less efficient in my mind.
Having said that, bought 1.1 shares last year. The company picked up 2,000,000 shares. And did you buy any? Because I think if people buy more, the stock price will go up. So I'm doing my part.
But the part I would say is, when you listen to what we're talking about five years ago, were Western Canadian land and housing business, we completely changed the business. We've moved capital around into areas that we think have more potential. We have recycled our capital into newer areas that we have opportunities to build a lasting business. We bring 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. So I would say a lot of our repositioning is complete. So you might see a lot more focus on buying back shares. Haven't moved.
My question is, now Dundee Corporation Oh my god. That's like 1941. They owe nothing. They did. Sorry, I'm not being mysterious.
They did and now they don't. And 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 REIT. 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.
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 industrial global and the Dream Office reporting later here.
And 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.