Dream Impact Trust (TSX: MPCT.UN) (Dream Impact, or MPCT.UN) is an open-ended trust dedicated to impact investing. Impact investing is the intention of creating measurable positive, social, or environmental change in our communities and for our stakeholders, while generating attractive financial returns.

MPCT.UN is committed to the ongoing measurement and reporting of its impact initiatives, targets and outcomes through Dream’s Impact Management Framework. For further information, please see the 2022 Impact Report.

Read the report

2022 Key Accomplishments

  • Best Places Icon

    affordable units completed or under development(1)

  • Best Places Icon

    discount to market rent on affordable units(1)

  • Best Places Icon
    ~$47 million

    annual rent savings for
    households in affordable units(1)

  • Environmental Icon
    Published Net Zero by 2035 Action Plan

    strategy to achieve net zero by 2035 for Scope 1, Scope 2 and select Scope 3 emissions

  • Environmental Icon
    ~$6 billion

    in new net zero communities in
    development pipeline(2)

  • Environmental Icon
    5 retrofit projects

    to improve efficiency, reduce
    GHG emissions or promote sustainability were completed

  • Social Icon
    $~7 million

    in spending awarded to diverse vendors(3)

  • Social Icon
    ~350 hours

    of inclusive community programming through Dream Community Foundation

  • Social Icon
    Exceeded target

    for the value of contracts to be awarded to businesses that are local, independent and/or socially-responsible

  • Government Icon
    Official supporter

    of the Task Force on Climate-related Financial Disclosures

  • Government Icon
    Increased alignment

    to the Task Force on Climate-related Financial Disclosures recommendations by integrating responsibility of ESG and impact matters into corporate governance

  • Government Icon
    Hosted board education sessions

    on ESG and climate-related risks and opportunities

(1) All figures are at 100% project level, inclusive of Quayside and LeBreton Flats Library Parcel developments. These are forecasted figures and are subject to change.
(2) Net zero communities in development consist of Zibi, LeBreton Flats Library Parcel and Quayside.
(3) Diverse vendors are defined as businesses that are majority-owned by people from equity seeking groups. MPCT.UN collected this information in coordination with in coordination with D.UN – and therefore tracked spending includes tracked spending by both MPCT.UN and D.UN. Spending is tracked only for focus groups.

ESG Scorecard

The Dream Impact portfolio is comprised of office and multi-family assets. Across the office portfolio, relative to the baseline, intensity reductions have been achieved from efficiency projects for energy, GHG emissions and water metrics. Reduced consumption in 2020 and 2021 can be attributed to COVID-related occupancy reductions. Dream Impact is working on a strategy to meet its waste diversion targets at its office assets.

The portfolio-wide data is influenced by the changing portfolio make up, as Dream Impact has intentionally purchased assets that need improvement and has diversified into the multi-family asset class. Year over year, energy, GHG emissions, water and waste has increased due to the acquisition of multi-family assets and an increase of occupancy across the office portfolio assets.

Indicator Target 2019 baseline 2021 2022 % Change from Baseline
Energy Consumption (ekWh) 21,704,774 25,870,751 43,804,755 102%
Energy Intensity (ekWh/sf)(4) 10% reduction by 2025
(vs. 2019 baseline)
26.06 18.72 21.32 -18%
Water Consumption (m3) 61,827 59,916 199,194 222%
Water Intensity (m3/sf)(4) 10% reduction by 2025
(vs. 2019 baseline)
0.064 0.038 0.046 -28%
GHG Emissions(5)
Scope 1 Emissions (tCO2e) 1,211 1,774 3,906 223%
Scope 2 Emissions (tCO2e) 391 389 569 46%
Total GHG Emissions (Scope 1 and Scope 2 tCO2e) 1,602 2,163 4,475 179%
GHG Emissions Intensity (kg CO2e/sf)(4) 20% reduction in carbon
intensity by 2025
(vs. 2019 baseline)
1.92 1.32 1.58 -18%
Waste Diverted (tonnes)(6) 88 54 79 -10%
Waste Diversion (%)(4) 75% waste diversion by 2025 40% 32% 32% 20%
Waste to Landfill (tonnes)(6) 134 115 167 25%
Total Waste Generated (tonnes)(6) 222 169 246 11%
Certifications and Ratings
Percent of Portfolio with Green Building Certification(6) 100% certification (any
program) of all office
buildings by 2025
see note(7) 92% 74%
Percent of Eligible Portfolio with an Energy Rating(6)(8) 93% 97% 74% -20%

(1) Each year’s energy, GHG, water, waste, building certification and energy rating data is based on the relevant properties owned for the calendar year in that year unless otherwise stated. Floor area square footage is based on (GLA) as of end of reporting year. MPCT.UN assets jointly operated with D.UN (such as Sussex Centre) were included in this assessment at 100% of GLA.
(2) Represents absolute data not like-for-like data. 2019 figures have been updated to reflect enhanced data tracking procedures and changes to calculation methodologies.
(3) Refer to Supplemental Disclosure and Standard Index for more information including sources of emission factors, data coverage, inclusions, and exclusions.
(4) Includes office-type assets with GLA at 100% operational for the full year.
(5) GHG emissions are calculated in accordance with the World Resource Institute Greenhouse Gas Protocol. They capture activities MPCT.UN has direct and indirect operational control over: Scope 1 emissions generated directly from its operations, including heating at MPCT.UN’s properties. Scope 2 emissions indirectly associated with generation of purchased electricity, heating, cooling, and steam consumed by properties.
(6) Represents all office-type assets with GLA at 100%.
(7) Indicators were not tracked in the noted time period.
(8) Represents the percentage of office-type asset portfolio based on sf using ENERGY STAR Portfolio Manager (ESPM).
(9) Includes employees employed by Dream Asset Management Corporation, which includes DRM and MPCT.UN employees, and Canadian DRR.U employees. Does not include employees at recreational properties, employees on leaves of absence (e.g., permanent disability, long-term disability, parental leave), interns, and DRR.U employees of Pauls Corp.
(10) Numbers represented as total headcount; not full time equivalent.
(11) Turnover is calculated as a percentage of employee headcount within the noted category.
(12) Percentages are based on total headcount.
(13) Includes employees at all levels.
(14) Includes managers and above.
(15) Includes the Portfolio Manager and Chief Financial Officer of MPCT.UN.
(16) Based on members of the Trust and GP boards.
(17) Board composition as at December 31, 2020.
(18) Board composition as at December 31, 2021.
(19) Board composition as at December 31, 2022.


As an owner and developer of real estate, Dream Impact Trust integrates sustainability into the design, construction, and operations of all its buildings and communities. It is focused on developing and operating its properties to optimize energy use, limit GHG emissions, and reduce water use and waste while also creating resiliency against natural disasters and major climatic events.

Targeting CaGBC Zero Carbon Building Certification

In 2022, Dream Impact, together with Dream Unlimited and a partner were the winning proponent on the highly sought after Quayside redevelopment on Toronto’s waterfront. Quayside is considered one of the most significant projects in Canada, integrating multiple levels of government and ambitious sustainability and inclusivity targets. Dream Impact has a 12.5% ownership interest in this 12-acre waterfront development, that will be operationally net zero.

Upon full build-out, Quayside is expected to include 3.5 acres of public forested green space, a significant urban farm, and Canada’s largest residential mass timber structure as well as:

  • 4,000+ units
  • 800+ affordable units
  • 3.5 acres of public green space

Building Certifications

  • Boma Best Logo
    BOMA BEST certification
  • LEED Logo
    LEED certification

(1) Percentages are based on GLA of assets as of December 31st, 2021 including 349 Carlaw, 49 Ontario, 10 Lower Spadina, Sussex Centre (at 100% GLA), 76 Stafford, Weston Common, 262 Jarvis and Zibi Block 2-3 since its acquisition or commencement. It excludes 68-70 Claremont, Plaza Imperial, Plaza Bathurst, 100 Steeles Ave, Robinwood Portfolio and Zibi Block 211 as the assets were not operational or owned during the full calendar year. Properties may have more than one certification which is why they add up to more than 100%.


Our work at Dream Impact Trust is focused on creating positive social change. Our strong and diverse workforce contributes to the collaborative and innovative work of embedding impact throughout the business. Our people come from a wide range of backgrounds and places, bringing many valuable skills and perspectives to our team.

Affordability at Zibi

In 2022, the first rental offering in Zibi’s Affordable Housing Program was completed with the construction of Aalto Suites. Aalto Suites was made possible thanks to financing secured
in 2021 through Canada Mortgage Housing Corporation. 160 units at the 162-unit project are priced at or below 30% of median household income for the Ottawa/Gatineau region. Affordable units are distributed throughout the building, applied across bedroom types, have access to all amenities, and include the same unit quality and finishes as market rent suites. Aalto Suites began leasing to renters in December 2021, and achieved stabilization in 2022, ending the year with 87% occupancy. Zibi has committed that 7% of all residential units will be affordable, and the completion of Aalto Suites is an important step towards this goal.

Zibi is also continuing construction on Block 206, which also has an affordable housing component. Occupancy of Block 206 is expected for October 2023.

Dream Impact Employee Gender Breakdown(1)

(1) Includes employees employed by Dream Asset Management Corporation, which includes DRM and MPCT.UN employees, and Canadian DRR.Uemployees. Does not include employees at recreational properties, employees on leaves of absence (e.g., permanent disability, long-term disability, parental leave), interns, and DRR.U employees of Pauls Corp. Percentages are based on total headcount.
(2) Includes employees at all levels.
(3) Includes Managers and above.
(4) For the purposes of this report, Executives include: the Portfolio Manager and Chief Financial Officer of MPCT.UN.


Sustainability at MPCT.UN is overseen and managed by DRM, with whom MPCT.UN co-invests on many of its projects.

Sustainability at MPCT.UN is managed by the following:

(1) The responsibilities set out in this column are for illustrative purposes only, reflect certain relevant ESG matters, and do not purport to reflect the full extent of responsibilities or the full mandate of any of the boards, committees or teams referred to in this chart.
(2) Dream Impact Master GP Inc. is the general partner of Dream Impact Master LP. Dream Impact Master GP Inc. oversees the management of Dream Impact Trust’s operating assets, which are held through Dream Impact Master LP.

Disclosure Frameworks

  • United Nations Principles for Responsible Investment ↗

    The United Nations Principles for Responsible Investment (PRI) is the world’s leading responsible investor collaboration. It supports its signatories to incorporate environmental, social and governance (ESG) factors into their investment and ownership decisions. Signatories commit to follow PRI’s six principles and report annually on their progress through the PRI Reporting Framework. Dream Unlimited, with the support from Dream Impact, became a signatory to the PRI in 2021 and will report on its responsible investment activities starting in 2023.
  • Task Force on Climate-Related Financial Disclosures logo
    Taskforce on Climate-related Financial Disclosures ↗

    In 2021, Dream Impact became an official supporter of the Taskforce on Climate-related Financial Disclosures (TCFD) recommendations. To align with TCFD recommendations and enable appropriate oversight, Dream Impact hosted board education sessions to increase understanding of ESG and climate-related risks and opportunities. To strengthen oversight, responsibility for ESG and impact matters was formally integrated into corporate board governance. Scenario analysis was also completed, which is a corporate strategy and risk/opportunity identification exercise to evaluate how Dream Impact prepares for the implications of climate change and climate-related financial disclosures.
  • Net Zero Asset Managers logo
    Net Zero Asset Managers ↗

    The Net Zero Asset Managers (NZAM) initiative is an alliance of global asset managers committing to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with the global efforts to limit warming to 1.5 degrees Celsius. As one of the first Canadian companies to join the NZAM initiative, Dream Unlimited, on behalf of the Dream group of companies, made its initial target disclosure in 2022. At the time of submission, across the Dream group of companies, 61%(1) of total assets under management was committed to be managed in line with net zero for Scope 1 and Scope 2 emissions by 2035.
  • Principles for Responsible Investment logo
    Operating Principles for Impact Management ↗

    Acting in its capacity as Dream Impact’s asset manager, Dream Unlimited is a signatory to the Operating Principles for Impact Management (the Impact Principles). The Impact Principles provide a framework for investors to ensure that impact considerations are purposefully integrated throughout the investment life cycle and require signatories to undergo independent verification at regular intervals to ensure consistent application across their portfolios.

(1) Assets under management as of June 30, 2022.

Case Studies

Sustainability Reports

* All intellectual property rights to this data belong exclusively to GRESB B.V. All right reserved. GRESB B.V. has no liability to any person (inclusing a natural person, corporate or unincorporated body) for any losses, damages, costs, expenses or other liabilities suffered as a result of any use of or reliance on any of the information which may be attributed to it.