Dream Impact Trust (MPCT.UN)
View 2021 Update Sustainability Report-
1.35Msf of commercial and retail gross leasable area (GLA)(1)(2)
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>6,600units under development or in our development pipeline (at MPCT.UN’s share)(1)
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93.8%in place/committed residential occupancy(1)
(2) Includes assets: Sussex Centre, 49 Ontario, 10 Lower Spadina, 349 Carlaw, 68-70 Claremont St, 76 Stafford St,
Berkeley properties, 100 Steeles Ave West, Plaza Imperial, Plaza Bathurst, Weston Common (retail piece only),
ZIbi Block 211 (Natural Sciences Building), Zibi Block 2-3 (15 Rue Jos-Montferrand), Zibi Block 208
(310 Miwate Private) and Zibi Block 10 (Aalto Suites: retail piece only) at 100% GLA.
MPCT.UN believes in building better communities by investing to make a positive and lasting impact for the people in its communities. Through integrating sustainability into the design, construction and operations of its buildings, providing market and affordable housing to people of varied income levels and building inclusive and equitable communities, it seeks to reduce socio-economic inequalities and promote diversity.
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.
2021 Key Accomplishments
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Attainability and affordabilityAcquired Weston Common, a two-tower mixed-use apartment complex in downtown Toronto that includes an 8,800 sf community hub occupied by Artscape, a non-profit community organization, as well as 53 affordable housing units and 26 live/work artist studios
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Certifications
Achieved LEED Gold certification at Sussex Centre in Mississauga, Ontario
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Amenities and inclusive atmosphere
Opened Pangishimo Park, Zibi’s first community park which was designed with Indigenous input and has a naturalized children’s play structure with elements from Zibi’s Heritage Interpretive Plan
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Sustainable development13,500 metric tons of soil remediated at Zibi
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Sustainable development
18,000 sf of green roofs installed at Brightwater development
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ESG impact and management
Committed to be net zero by 2035 for operations and new developments, including scope 1, 2 and select scope 3 emissions
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Community/NGO partnershipsBegan leasing Aalto Suites in December 2022, a 162-unit rental apartment building at Zibi that was funded and financed through the Canada Mortgage and Housing Corporation (CMHC)’s Rental Construction Financing Initiative (RCFI) program
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Tenant relationships
Offered 18 workshops and events at Zibi welcoming over 17,000 visitors / participants to the site
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Sustainable procurement
Developed a clear, intentional and equity-focused Social Procurement Strategy ↗ to leverage and influence MPCT.UN’s supply chain
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ESG impact and managementLaunched the Net Zero Steering Committee, which includes executive representatives from across the Dream group of companies
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Corporate governance
Achieved a 5-Star GRESB* rating, which is a recognition of MPCT.UN’s placement in the top 20% of the benchmark
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Corporate governance
MPCT.UN became one of the first Canadian public real estate companies to become an official supporter of the Task Force on Climate-related Financial Disclosures (TCFD)
2021/2022 Key Accomplishments
| Indicator | 2020 | 2021 | YoY% change | On track for target | Target |
| Energy(2) | |||||
| Energy consumption (ekWh) | 19,251,096(3) | 25,870,751(3) | 34% | ||
| Energy intensity (ekWh/sf)(3) | 19.69 | 18.72 | -5% | √ | |
| Water(2) | |||||
| Water consumption (m3) | 37,809(3) | 59,916(4) | 58% | ||
| Water intensity (m3/sf)(3) | 0.039 | 0.038 | -2% | √ | |
| GHG emissions(2)(5) | |||||
| Scope 1 emissions (tCO2e) | 986(3) | 1,774(4) | 80% | ||
| Scope 2 emissions (tCO2e) | 412(3) | 389(4) | -6% | ||
| Total GHG emissions (scope 1 and 2; tCO2e) | 1,398(3) | 2,163(4) | 55% | ||
| GHG emissions intensity (kg CO2e/sf)(3) | 1.4 | 1.32 | -5% | √ | |
| Waste(2) | |||||
| Waste to landfill (tonnes) | 19(6) | 115(7) | 505% | ||
| Waste diverted (tonnes) | 36(6) | 54(7) | 50% | ||
| Total waste generated (tonnes) | 55(6) | 169(7) | 207% | ||
| Waste diversion | 65%(6) | 32%(7) | -51% | ||
| Certifications and ratings | |||||
| Percent of office portfolio with green building certification | 90% | 92% | 2% | √ | |
| Percent of eligible portfolio with an energy rating(9) | 96%(3) | 97%(4) | 1% |
| Indicator | 2019 | 2020 | 2021 |
| Employees(10)(11) | 210 | 205 | 223 |
| Voluntary turnover rate(12) | 26% | 15% | 18% |
| Women employees(13)(14) | 51% | 49% | 50% |
| Women managers(13)(15) | 25% | 35% | 41% |
| Women executives(13)(16) | 50% | 50% | 50% |
| Indicator | 2019 | 2020 | 2021 |
| Women trustees | 43% | 50% | 60% |
| Independent trustees | 71% | 67% | 60% |
(1) 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 unless otherwise stated. Floor area square footage is based on (GLA) as of end of reporting year. MPCT.UN assets managed by D.UN were included in this assessment at 100% of GLA.
(2) Represents absolute data not like-for-like data.
(3) Represents data of assets including 349 Carlaw, 49 Ontario, 10 Lower Spadina, and Sussex Centre. It excludes 76 Stafford, Weston Common, 68-70 Claremont, Plaza Imperial, Plaza Bathurst, Robinwood Portfolio, 262 Jarvis, 100 Steels Ave W, Zibi Block 211 and Zibi Block 2-3 as the assets were not operational or owned for the full calendar year.
(4) Represents data of assets including 349 Carlaw, 49 Ontario, 10 Lower Spadina, and Sussex Centre, as well as 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, Robinwood Portfolio, 262 Jarvis, 100 Steels Ave W and Zibi Block 211 as the assets were not operational during the calendar 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) Waste data is from the following assets 349 Carlaw, 49 Ontario and 10 Lower Spadina.
(7) Represents data of assets including 349 Carlaw, 49 Ontario, 10 Lower Spadina, and Sussex Centre, as well as Zibi Block 2-3 since its acquisition or commencement. It excludes 68-70 Claremont, Plaza Imperial, Plaza Bathurst, Robinwood Portfolio, 262 Jarvis, 76 Stafford, Weston Common, 262 Jarvis, 100 Steels Ave W and Zibi Block 211 as the assets were not operational during the calendar year
(8) Metric not calculated in 2019.
(9) Represents the percentage of portfolio based on sf using ENERGY STAR Portfolio Manager (ESPM).
(10) 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.
(11) Numbers represented as total head count, not full time equivalent.
(12) Turnover is calculated as a percentage of average employee headcount for 2021.
(13) Percentages are based on total headcount.
(14) Includes employees at all levels.
(15) Managers include Manager level and above.
(16) For the purposes of this Report, Executives include the Portfolio Manager and Chief Financial Officer of MPCT.UN.
(17) Based on members of both the Trust and GP Boards.
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.
LeBreton Flats Library Parcel Development
Rooted in nature and heritage, the LeBreton Library Parcel development is set to become the largest residential building in Canada to be Zero Carbon Building certified by the Canada Green Building Council. This innovative, transit-oriented community will be a healthy, vibrant ecosystem of architecture and urban design, utilizing the rich, natural landscape while promoting ecological diversity through a naturalized planting strategy in its abundant green spaces. Its design embodies a whole-systems thinking approach, considering heritage, culture and innovation to create a truly sustainable community that provides for the needs of its residents. Through innovative partnerships with the non-profit sector and the Federal government, 41% of rental units will be affordable and 31% of residential units will be accessible. These units will be seamlessly integrated alongside market units creating an inclusive, equitable and richly diverse community that addresses the needs of all residents alongside five priority groups: Indigenous Canadians, veterans, newcomers/new immigrants, women and children and adults with cognitive disabilities.
Amenities and inclusive atmosphereAttainability and affordability
Carbon and resource efficiencyInnovation and technology adoptionSustainable development
Indigenous Engagement
The Algonquin Nations Benefits Plan developed in conjunction with the Workforce Development and Community Benefits Plan will bring unparalleled Indigenous engagement to the site, and is designed to support the economic development and capacity building of the Algonquin Nation, throughout the project’s design, construction and operations.
Government collaborationIndigenous engagementCommunity/NGO partnershipsSustainable Procurement
Building Certifications(1)
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49%BOMA BEST certification -
39%LEED certified buildings -
39%WELL certified buildings
(1) The chart is 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 the chart adds up to more than 100%.
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.
Social Procurement Strategy
MPCT.UN has committed to utilizing its purchasing practices to generate social and economic value in the communities where it develops and manages real estate assets. In 2021, Dream established an internal Executive Steering Committee and a working group of senior leaders that has undertaken extensive research with regards to social procurement opportunities in the real estate industry. The working group undertook a global scan of best practices for social procurement, looking both inside and outside the real estate industry. Publicly available material from government agencies, universities, and large resource extraction and infrastructure companies was reviewed.
The working group’s efforts led to the creation of our formal Social Procurement Strategy. Through the strategy, MPCT.UN is seeking to support equity-seeking groups by:
- Expanding the diversity of its vendors
- Ensuring it creates employment opportunities
- Providing local community benefits through the use and programming of space in its buildings
To activate the strategy, the working group identified consistent themes and measurable goals finding a balance between making the goals impactful and achievable with the time and resources available. MPCT.UN is among the first in Canada’s private sector to set quantifiable targets to meet social procurement goals by 2025.
Community/NGO partnershipsindigenous engagementsustainable procurement
Targets Include:
- 20% of the annual value of all contracts to be awarded to local, independent and/or socially responsible businesses
- 20% of the annual value of all contracts to be awarded to businesses that are majority owned or managed by an equity-seeking group
- 20% of annual jobs created through capital and operating spending to be filled by equity-seeking groups
- 30% of apprentice hours worked on development projects to be by equity-seeking groups
MPCT.UN Employee Gender Breakdown(1)
(1) Percentages are based on total headcount.
(2) Includes employees at all levels.
(3) Managers include Manager level and above.
(4) For the purposes of this Report, Executives include the Portfolio Manager and Chief Financial Officer of MPCT.UN.
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 goals and compensation.
We are proud to share that MPCT.UN achieved a five-star rating for the second consecutive year in the 2022 Global Real Estate Sustainability Benchmark (GRESB)* real estate assessment, which is a recognition of our placement in the top 20% of the benchmark. The 2022 GRESB* real estate assessment covered the reporting period January 1 – December 31, 2021. After our inaugural 2021 assessment obtained “one of the highest first-year scores in the benchmark”, Dream Impact Trust achieved yet another impressive score which can be attributed to excellent performance in Leadership, Policies, Reporting, Targets, Tenant & Community and Data Monitoring & Review.
Established in 2009, GRESB* has become the leading ESG benchmark for real estate and infrastructure investments across the world, trusted by 170 institutional and financial investors to inform decision-making and covering USD 6.9 trillion of AUM and 150,000 individual assets.
Corporate governance
Sustainability at MPCT.UN is managed by the following:
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Governance, Environmental & Nominating Committee(1)
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Oversee approach to environmental, social and governance matters
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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 the Sustainability and ESG team
Report to the Governance and Nominating Committee
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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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Responsible for advancing sustainability initiatives and activities at company and property level.
Includes four working groups covering the following focus areas: Green Property Operations, Employee Engagement, Tenant Engagement, Reporting and Communications
Includes representatives from central functions, regions and properties
Each group reports monthly to the Sustainability and ESG team
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Program Manager Sustainability at Zibi
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Manages the implementation of site-specific sustainability plans and objectives
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 goalrnof 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.
Environmental
Sustainable Materials Sourcing at Zibi
To help Zibi’s effort to reduce embodied carbon, we strive tornhave 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.rnZibi 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
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.
Environmental
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.
Sustainability Reports
- 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.
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