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$677.2Mtotal assets(1)
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566,000square feet of gross leasable area (GLA)(1)(2)
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6,358units under development or in our development pipeline (at MPCT.UN’s share)(1)
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84.8%portfolio occupancy (including committed)(1)
Dream Impact Trust (MPCT.UN) targets projects that create positive and lasting impacts on communities and the environment, while generating attractive market returns. MPCT.UN provides investors with access to an exceptional portfolio of real estate development and income properties that would not otherwise be available in a public and fully transparent vehicle.
(1) As of September 30, 2021
(2) The Gross Leasable Area (GLA) includes Sussex Centre at Dream Impact Trust’s 50.1% share,
10 Lower Spadina, 349 Carlaw, 49 Ontario, 68-70 Claremont and 76 Stafford
(2) The Gross Leasable Area (GLA) includes Sussex Centre at Dream Impact Trust’s 50.1% share,
10 Lower Spadina, 349 Carlaw, 49 Ontario, 68-70 Claremont and 76 Stafford
MPCT.UN was the first public impact company in Canada and has openly committed to positively effecting environmental and social change through its role as a real estate owner, developer and operator.
2020 Highlights
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BiodiversityReintroduced native vegetation and increase biodiversity of plants and animals at Zibi -
Net ZeroStarted construction on our permanent Zibi Community Utility (“ZCU” or the “District Energy System”) plant which will enable zero-carbon heating and cooling at our Zibi development
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13,937metric tons of soil were remediated at Zibi
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$761,065donated to charities and NGOs by DRM, MPCT.UN’s asset manager -
231affordable units under construction at West Don Lands Block 8, with first occupancies expected in 2023
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1stCanadian Impact-Dedicated Convertible Debenture Offering in 2021
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Five Star Ratingachieved by MPCT.UN on its
first GRESB submission -
Developed ESG FrameworkMPCT.UN’s new ESG Framework sets out the most material sustainability topics and how we are responding based on the type of asset class and specific objectives
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GIINDRM, MPCT.UN’s asset manager, became a member of the Global Impact Investing Network (GIIN)
ESG Scorecard
| Indicator | 2019(7) | 2020(7) | YOY % Change(7) | On track for target | 2025 target |
| Energy(1) | |||||
| Energy consumption (ekWh) | 22,455,431 | 19,251,096 | -14% | √ | |
| Energy intensity (ekWh/sq.ft.) | 22.96 | 19.69 | -14% | ||
| Emissions(1)(2) | |||||
Scope 1 emissions (tCO2e) |
1,390 | 986 | -29% | ||
Scope 2 emissions (tCO2e) |
440 | 412 | -6% | ||
Total GHG emissions (Scope 1 and 2; tCO2e) |
1,830 | 1,398 | -24% | √ | |
GHG emissions intensity (kgCO2e/sq.ft.) |
1.9 | 1.4 | -24% | ||
| Water(1) | |||||
| Water consumption (m3) | 62,358 | 37,809 | -39% | √ | |
| Water intensity (m3/sq.ft.) | 0.064 | 0.039 | -39% | ||
| Waste generation(3) | |||||
| Waste to landfill (tonnes) | 16 | 19 | 19% | ||
| Waste diverted (tonnes) | 15 | 36 | 140% | ||
| Total waste generated (tonnes) | 31 | 55 | 77% | ||
| Waste diversion | 48% | 65% | 37% | √ | |
| Certifications | |||||
| Percentage of portfolio that has a green building certification(4) | N/A(5) | 90% | √ | ||
| Percentage of eligible portfolio that has an energy rating(6) | 100% | 90% | -4% |
| Metric | Women | Men |
| Employees(8)(9) | 49% | 51% |
| Managers(9) | 40% | 60% |
| Executive Team(9) | 43% | 57% |
| Role | Responsibilities | Status |
| Governance, Compensation & Environmental Committee | Monitor exposure to environmental related risks and liabilities | Ongoing |
| ESG Executive Committee | Adopt ESG framework | Ongoing |
| Sustainability and ESG Team | Implement ESG Framework | Ongoing |
(1) Energy, emissions and water metrics stated in the scorecard is from the following assets: 349 Carlaw, 49 Ontario St, 10 Lower Spadina and Sussex Centre.
(2) 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.
(3) Waste data stated in the scorecard is from the following assets 349 Carlaw, 49 Ontario St and 10 Lower Spadina. Sussex Centre, co-owned by MPCT.UN, and D.UN, is included in D.UN data
(4) Based on total GLA owned by MPCT.UN as of June 30th, 2021, representing 566,000 sq ft of portfolio including Sussex Centre (owned GLA), 68-70 Claremont St, 76 Stafford St, 10 Lower Spadina, 49 Ontario
and 349 Carlaw.
(5) Metric not calculated in 2019.
(6) Represents the percentage of portfolio based on sq.ft. using ENERGY STAR Portfolio Manager (ESPM).
(7) Each years energy, GHG, water, waste, building certification and energy rating data is based on the relevant properties owned for the full calendar year in that year.
(8) Includes employees employed by Dream Asset Management Corporation, which includes DRM and MPCT.UN employees. Does not include employees at Dream recreational properties, employees on leaves of absence (e.g., permanent disability, long-term disability, parental leave) and interns.
(9) Includes employees at all levels.
Environmental
In 2021, Dream Impact Trust announced the goal of achieving net zero carbon emissions by 2035 – fifteen years ahead of the science-based Paris Agreement’s 2050 goal.
West Don Lands
In 2019, we broke ground on West Don Lands Block 8, a public-private partnership with the Government of Canada, Canada Mortgage and Housing Corporation (CMHC) and the Province of Ontario to create long-term affordable housing units (housing where the total monthly shelter cost is at or below Toronto’s average market rent). The entire
West Don Lands project will deliver 2,279 world-class new rental units of which 30% are affordable, to meet a growing demand in the Toronto housing market.
The West Don Lands is a LEED Gold-certified, purpose-built, multifamily rental apartment community in Toronto’s downtown east end. The development is one of the largest affordable housing projects in Canada and the first within the Provincial Affordable Housing Lands Program to break ground. We are focused on addressing one of the most prevalent issues facing Canadian cities: shortage of attainable housing. As the first block of the development nears completion, we will be working with local non-profit groups to establish an inclusive tenant selection process for the affordable units.
The project is expected to deliver the following environmental and social impacts:
- Reduction of energy consumption by 27% compared to the NECB *
- Reduction of GHG emissions by 32% compared to the NECB*
- Reduction of potable water consumption by 35% compared to market standard
- Providing much needed affordable housing stock
*2015 National Energy Code of Canada for Buildings
Building Certifications(1)
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90%BOMA BEST certification -
90%LEED certified buildings -
90%WELL certified buildings
(1) This chart is based on total GLA owned by MPCT.UN as of September 30, 2021 representing 566,000 sq. ft. of portfolio including Sussex Centre (owned GLA), 68-70 Claremont St, 76 Stafford St, 10 Lower Spadina, 49 Ontario and 349 Carlaw.
Key Accomplishments
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As part of the Dream group of companies’ commitment(1), MPCT.UN, is supporting the Net Zero Asset Managers (NZAM) initiative, which is a group of international asset managers committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5 degrees Celsius. -
As part of the Dream group of companies’ commitment(1), MPCT.UN joined the United Nations Principles for Responsible Investing (UN PRI) initiative, which includes a group of more than 4,300 investment managers and asset owners from nearly 90 countries committed to developing a more sustainable global financial system. -
MPCT.UN is an official supporter of the Task Force for Climate-related Financial Disclosures (TCFD) which provides guidance and recommendations to help companies provide better climate disclosures to support capital allocation. More than 2,300 companies support the TCFD and Dream is one of the first Canadian public real estate companies to become an official supporter.
(1) While DRM is the official signatory, MPCT.UN will be participating in the reporting to the NZAM initiative and UN PRI as part of the Dream group of companies’ commitment.
Social
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.
Tenant Engagement on Sustainable Food at Zibi
Zibi hosts workshops and events centered around Local and Sustainable Food, one of Zibi’s One Planet guiding principles. In 2020, we provided garden boxes in O’s Community Garden enclosure to 100% of interested residents. We also launched our first community garden group. For the upcoming growing season, the community garden group is working to implement a composting station to help enrich the soil throughout the seasons.
As part of our goal to engage residents in education programs to encourage a reduction in consumption of high-carbon foods, we have also implemented a community supported agriculture program with local vendors, including Roots and Shoots Farm. These initiatives provide residents and community members with easily accessible organic, local or fair trade produce.
We believe that the creation of green spaces that facilitate community-building initiatives serve to improve overall quality of life for our residents.
- In 2020, Zibi offered 14 events exclusively to the community and hosted a total of 24 events on site.
- 16% of survey respondents participate in CSA programs provided.
- 100% of residents surveyed claim to know at least 1 neighbour, 78% of which claim to know between 2 and 5 neighbours.
MPCT.UN Employee Gender Breakdown(1)
(1) Includes employees employed by Dream Asset Management Corporation, which includes DRM and MPCT.UN employees. Does not include employees at Dream recreational properties, employees on leaves of absence (e.g., permanent disability, long-term disability, parental leave) and interns.
(2) Includes employees at all levels
Governance
Sustainability at MPCT.UN is overseen and managed by DRM, with whom MPCT.UN co-invests on many of its projects. As part of the ESG Framework, MPCT.UN links ESG performance to executive and employee goals and compensation.
We are proud to share that MPCT.UN achieved a five-star rating achievement in the 2021 Global Real Estate Sustainability Benchmark (GRESB) assessment. MPCT.UN received a score of 90/100, which is one of the best first year scores among GRESB participants, placing it in the top 20% of the global benchmark. The 2021 GRESB real estate assessment covered the reporting period January 1 – December 31, 2020. This score exceeds the GRESB average of 73/100 and is attributed to our ability to collect environmental data for all of our properties and simultaneously achieving strong utility and GHG reductions, as well as our high building certification rate, among other strengths.
Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world, used by 140 institutional and financial investors to inform decision-making and covering US$5.7 trillion of AUM and nearly 117,000 individual assets.
Sustainability at MPCT.UN is managed by the following:
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Governance, Compensation & Environmental Committee(1)
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Review corporate governance practices, review the environmental state of any real property investment and establishing policies and procedures to monitor exposure to environmental risks and liabilities
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ESG Executive Committee
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Adopt ESG Framework for each Dream entity
Communicate sustainability strategy and commitment across company and key external stakeholders
Delegate implementation to MPCT.UN’s Sustainability and ESG team
Report to the Governance, Compensation & Environmental Committee on a regular basis -
Investment Committee
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Review the investment’s Acquisition Checklist and approve investments that meet both financial and impact goals
Hold the project team accountable to achieve goals and create impact -
Head of Impact Investments and Strategy
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Responsible for the execution of Dream’s impact pathways, which includes delivering specified, measurable outcomes for specific social and environmental goals
Identify opportunities with external stakeholders and community partners to further advance Dream’s impact initiatives and broader community objectives -
Portfolio Manager, MPCT.UN; President of Asset Management of DRM
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Oversight of sustainability at MPCT.UN
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Vice Chair, Development of DRM; MPCT.UN’s Director, Impact Investments; (in partnership with project specific leads)
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Manage implementation of sustainable practices in the design of select development projects including the West Don Lands and Canary District projects
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Sustainability and ESG Team
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Oversee and manage portfolio sustainability initiatives including; building certifications, energy, water and waste management and monitoring, as well as strategic initiatives,
Meet quarterly with the ESG Executive Committee -
Sustainability Working Groups
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Serve as a forum to share information across departments and groups
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Program Manager Sustainability at Zibi
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Manages the implementation of site-specific sustainability plans and objectives
(1) The Governance, Compensation and Environmental Committee is a committee of board of Directors of Dream Impact Master GP Inc, the operating entity of MPCT.UN
Environmental
Zibi District Energy
In 2020, we started construction on our permanent Zibi Community Utility (ZCU) plant and signed our agreement with Kruger Products. We expect construction to be complete and our district energy system to be fully operational in late 2021/early 2022.
ZCU is a District Energy System that relies on effluent energy recovery from the local Kruger Products Plant for heating, and the Ottawa River for cooling. A partnership between Hydro Ottawa and Zibi, the ZCU District Energy System will provide zero carbon heating and cooling for all Zibi tenants and residents in the 34-acre waterfront property. The partnership itself is an example of how Dream Impact Trust seeks innovative, collaborative opportunities with government stakeholders.
ZCU is integral to helping Zibi meet its One Planet Living goal
of ensuring its energy needs are satisfied on a net zero carbon basis. While many district thermal systems exist in Canada, ZCU will be the first in North America to use post-industrial effluent energy recovery in a master-planned community. ZCU will benefit Zibi residents by providing price stability and reliability, as they will not be impacted by price fluctuations of natural gas and will also experience fewer energy supply disruptions. Residents will also benefit from enhanced comfort and convenience in having the ability to control their energy usage using our Zibi-specific mobile app, ZibiStat. Survey results indicate that 63% of residents use the app to reduce their energy demands during working hours or vacation time.
Environmental
Sustainable Materials Sourcing at Zibi
To help Zibi’s effort to reduce embodied carbon, we strive to
have 20% of construction materials contain recycled content and 20% be locally sourced. In 2021, Zibi will establish an improved system to track recycled content in all products and materials used for each project.
Zibi refined its material tracking process in 2020 by improving tracking sheets and meeting regularly with construction project managers. This has allowed us to improve data collection and fostered a joint sense of appreciation for what we need to accomplish with the project managers.
Environmental
Brightwater
A 72-acre waterfront development in Mississauga’s Port Credit area will transform the site to a complete, vibrant and diverse community with residential units and commercial space and include an elementary school and YMCA. The Brightwater community will embody waterfront living while promoting connectivity, mental and physical health and well-being in the community. The development will include 18 acres of new parks and green space, which will include the village square, a planned hub for community programming.
Environmental
68 – 70 Claremont Street
In Q1 2021 Dream Impact Trust acquired 68-70 Claremont Street, representing our first acquisition using our new impact investing approach. The property is a value-add opportunity with long term growth prospects given its location in Toronto’s trendy Queen West neighbourhood, its character as a boutique office space, as well as the opportunities it presents for incorporating components of our Impact Pathways – specifically resource efficiency and inclusivity.
Social
Affordable housing at Zibi’s Aalto Suites
Zibi made meaningful progress towards its affordable housing target this year. Specifically, financing from Canada Mortgage Housing Corporation was secured for and construction began on our 162 unit purpose-built affordable housing project, Aalto Suites. Occupancy of this rental building is anticipated to begin in late 2021. Affordable units will be priced at or below 30% of median household income in the Ottawa/Gatineau region, will be applied across bedroom types, distributed throughout the building, have access to all amenities, and include the same unit quality and finishes as market rent suites.
Sustainability Reports
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2020-2021 MPCT.UN Sustainability Report
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2020-2021 Dream Group of Companies Sustainability Report
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- Previous years +
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Policies
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Declaration of Trust
Dream Impact Trust’s Declaration of Trust governs our operations and includes such topics as investment guidelines and operating policies, financing restrictions, units and distributions, and the responsibilities and obligations of the Trustees.
Disclosure PolicyThe objective of our disclosure policy is to ensure that communications to the investing public about Dream Impact Trust are timely, factual and accurate, and disseminated in accordance with all applicable legal and regulatory requirements. The policy covers topics including trading restrictions and blackout periods, confidentiality, and designated spokespersons. This policy applies to all trustees, directors, officers and employees of Dream Impact Trust and its subsidiaries, including trusts and partnerships in which Dream Impact Trust owns directly or indirectly.
Code of ConductOur Code of Conduct (the “Code) is our statement of the values and principles that guide us in our day-to-day business activities. The keystones are: integrity, respect, fairness, accountability and transparency. The Code supports our commitment to operate our business at the highest level of legal, moral and ethical standards. The Code applies to all directors, trustees, officers and employees of Dream Impact Trust and subsidiaries.
Whistleblower PolicyAt Dream Impact Trust, we are steadfast in our commitment to maintaining the highest business and personal ethical standards by dealing openly and honestly with our investors, tenants, suppliers and employees. With our Whistleblower Policy we marry this commitment to that of securities laws and regulations with respect to accounting standards and internal control standards. We have contracted EthicsPoint Inc., an independent service provider, to manage any complaints or concerns on our behalf. This service reports directly to the Audit Committee of the Trust Board of Dream Impact Trust and is available seven (7) days a week, 365 days a year. Any concerns may be reported directly, confidentially, and, if preferred, anonymously, through www.ethicspoint.com.
Majority Voting PolicyThe Trust has a majority voting policy, requiring that each Trustee nominee receive the support of a majority of the total number of votes cast by the unitholders entitled to elect such Trustee nominee, failing which such Trustee shall submit his or her resignation to the Board for consideration.
Advance Notice RegulationThe Trust has adopted an Advance Notice Regulation intended to: (i) facilitate orderly and efficient annual general or, where the need arises, special, meetings; (ii) ensure that all unitholders receive adequate notice of trustee nominations and sufficient information with respect to all nominees; and (iii) allow unitholders to register an informed vote.
Diversity Inclusion & Advancement CommitmentAs one of Canada’s leading real estate companies, we always invest with purpose, embracing creativity and diversity, passion and innovation, while positively impacting our communities and the world around us.
Board Diversity PolicyEach of Dream Impact Trust and Dream Impact Master GP Inc. seek to maintain a Board comprised of talented and dedicated trustees or directors whose skills and backgrounds reflect the diverse nature of the business environment in which Dream Impact operates. Accordingly, the composition of the Boards is intended to reflect a diverse mix of skills, experience, knowledge and backgrounds, including an appropriate number of women trustees and women directors.
