• $5.3B
    total assets(1)
  • 39.8M
    sq. ft. of leasable floor area(1)
  • 98%
    in-place and committed occupancy(1)
  • 221
    assets(1)
Dream Industrial REIT (TSX: DIR.UN) owns, manages, and operates a global portfolio of well-located, diversified distribution, urban logistics and light industrial properties across Canada, Europe and the U.S. We have access to highly experienced, local investments and asset management platforms that have a proven track record of creating long-term value. Our strategy is to invest in high-quality assets and markets that provide growing cash flow and net asset value over the long-term to our unitholders.
(1) All figures as of September 30, 2021.

Our sustainability strategy enables us to establish meaningful and realistic benchmarks, measure our progress and integrate our environmental and social obligations into the ways we manage our business and create value.

2020 Highlights

  • 1.2 million
    sq. ft. LED lighting upgrades(2)
  • $400 million
    inaugural green bond issued(1)
  • 17 MW
    of potential installed solar capacity from 30+ renewable energy projects assessed for feasibility
  • Improved
    accessibility through ramp installations and washroom upgrades at 5 buildings representing 190,000 sq. ft.(1)
  • Tenant Survey
    to determine satisfaction levels and measure interest in sustainable initiatives(1)
  • Centralized
    technology platform for marketing, leasing and asset management to improve tenant relationship management
  • $573 million
    available liquidity as of December 31, 2020, from deleveraging effort and proactive financing strategies
  • Top 3
    2021 GRESB rank for Public Disclosure among North America industrial group(1)
  • 100%
    of properties assessed for climate change risk(1)

(1) Occurred as of September 30, 2021.
(2) Between January 1, 2020 and September 30, 2021.

ESG Scorecard

Indicator 2019(1) 2020(2)
Cumulative percentage of total floor area with energy consumption data coverage(3) NA(2) 28%
Cumulative percentage of eligible portfolio that has an energy rating(4) NA(2) 25%
Annual mWh of renewable energy produced(5) 2,507 2,975(6)
GHG Emissions
Cumulative percentage of total floor area with GHG data coverage(3) NA(2) 28%
Water
Annual water savings from climate-controlled irrigation (litres)(7) 15,667,000 13,331,000
Cumulative percentage of total floor area with water consumption data coverage(8) NA(2) 42%
Building Lighting Upgrades 2021 Year-to-date Progress(1)
Cumulative total floor area with lighting upgrades (sq. ft.)(9) 10.8M(13) 11.4M 14.1M(10)
Green Building
Percentage of portfolio GLA with green building classification(11) 2% 10% 17%(10)
Renewable Energy
Cumulative on-site solar PV system capacity (kW)(5) 2,433 2,817(6) 5,795
Cumulative percentage of total floor area with on-site renewable energy generation(5)(12) 3.7% 4.2% 5.9%(10)

(1) There has been a significant change in portfolio size in 2019, 2020 and 2021.The change is the result of acquisitions and dispositions of assets in the portfolio. Each year’s energy, GHG, water, building lighting upgrades, building classification and renewable energy data is based on the relevant properties owned for the full calendar year in that year.
(2) Metric was not calculated in 2019.
(3) Represents percentage of total GLA under EWRB regulation and GLA representing 100% floor area of properties where DIR.UN has operational control over energy consumption including outdoor lighting and common areas.
(4) Energy ratings include GLA representing 100% of floor area of properties with Energy Star Portfolio Manager scores and Energy Performance Certificates (EPC) ratings
(5) Includes capacity from roof-top solar PV that is leased to third parties.
(6) Includes estimations from engineering calculations for some solar panel systems where production data was not provided.
(7) Data is based on 42 sites in Calgary.
(8) Represents percentage of total GLA under EWRB regulation, GLA representing 100% floor area of properties where DIR.UN has operational control over water and some
estimated water consumption from properties in Quebec.
(9) Includes T5 upgrades that were completed prior to 2019. Upgrades in 2020 and beyond are LED.
(10) As of 30 September 2021 and includes portfolio under U.S. Fund at 24.5% owned share.
(11) Green building classifications include LEED (Silver, Gold or Platinum), DGNB (Silver, Gold or Platinum), BREEAM (Very Good, Excellent or Outstanding), BOMA BEST (Silver, Gold or Platinum), Green Globes (Two, Three, Four), Toronto Green Standards (Tier 2,3,4), EPC (level A or B).
(12) Represents total GLA of buildings with rooftop solar system.
(13) In 2019 Sustainability Report, we reported 11.3M sq ft with lighting upgrades; this value included 2020 Year-To-Date values and prior years.
(14) Includes only employees dedicated to Dream Industrial REIT and excludes employees on unpaid leaves of absence (e.g., permanent disability, long-term disability, parental leave
and interns.
(15) Includes employees at all levels.
(16) Executives of Dream Industrial are employees of Dream Asset Management Corporation however the CFO of DIR.UN is a woman, while the CEO and COO are men.

Environmental

DIR.UN is actively focused on managing the carbon footprint of our buildings and pursuing energy efficiency in our assets wherever possible.

Green Financing

DIR.UN continues to allocate significant capital towards sustainable initiatives within its existing portfolio as well as towards new investment opportunities.

To efficiently facilitate this endeavor, DIR.UN has established a Green Financing Framework, which allows it to raise capital in support of its sustainable investment strategy. Under the Framework, DIR.UN, or any of its subsidiaries, may issue green bonds, green loans or other financial instruments to finance or re-finance eligible green projects that are aligned to the United Nations Sustainable Development Goals and encompass the following categories:

  • Green buildings
  • Clean transportation
  • Energy efficiency
  • Biodiversity and conservation
  • Renewable energy
  • Sustainable water and wastewater treatment
  • Adaptability and resilience to climate change

The Framework has been reviewed by DNV, a global leader in pioneering green, social, and sustainable financial frameworks. In addition, DIR.UN has established a Green Financing Committee which will be responsible for evaluating and approving eligible projects for green financing, in accordance with the evaluation criteria set out in the Green Financing Framework. The Green Financing Committee is a cross-departmental committee co-chaired by the COO and CFO and made up of senior executives representing the following relevant departments at DIR.UN: Finance, Sustainability and Portfolio Management. The Committee meets at least once annually to review and approve eligible projects and existing allocation of proceeds.

More Information
Dream Industrial REIT Green Financing Framework

Key Accomplishments

  • Net Zero Asset Managers logo
    As part of the Dream group of companies’ commitment(1), DIR.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.
  • Principles for Responsible Investment logo
    As part of the Dream group of companies’ commitment(1), DIR.UN is supporting the United Nations Principles for Responsible Investment (UN PRI), 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.
  • Task Force on Climate-Related Financial Disclosures logo
    DIR.UN is an official supporter of the Task Force on 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, DIR.UN will be an active participant and included in the boundary for reporting to the NZAM initiative and UN PRI as part of the Dream group of companies’ commitment.

Renewable Energy

We are continually exploring opportunities to invest in clean power in our Canadian and European portfolios. Capital investments in solar panels provide DIR.UN with an opportunity to significantly reduce GHG emissions while creating a financially viable revenue stream. It also offers an element of cost certainty to our tenants in an unpredictable energy market. Including existing panels, we are targeting to install over 50,000 solar panels across 3.5 million sq. ft., representing over 10% of our total portfolio as of September 30, 2021.

In Western Canada, we are working with the Energy Savings for Business subsidy from Emissions Reduction Alberta to install up to 6,300 roof-top solar panels on several buildings in our portfolio. We are also progressing on a feasibility assessment of the installation of up to 31,700 solar panels in the Netherlands, pursuant to the subsidy that was granted by the Dutch government in 2020. Additional solar projects are being assessed and we will continue to seek opportunities to expand the scale of our renewable energy projects in Europe.

LED

Lighting is one of the most significant and consistent sources of energy consumption and utility costs in our portfolio. LED (light emitting diodes) lights require substantially less energy, have a longer lifespan, produce less heat and provide more illumination than conventional lighting such as incandescent bulbs. DIR.UN is focused on transitioning our interior and exterior lighting to LEDs. We continue to optimize opportunities to upgrade lighting when tenants renew or when space is returned to us.

In addition, we have commenced an outreach program to increase tenant awareness of the environmental and financial benefits of LED technology and provide them with an opportunity to upgrade lighting during their lease term. Our 2021 tenant survey identified that more than 80% of the respondents are interested in pursuing LED retrofits on their premises, which demonstrates that our LED outreach program has been very well received. DIR.UN is committed to improving energy efficiency through lighting retrofit projects.

Waste Reduction

DIR.UN aims to reduce the ecological footprint of its portfolio wherever feasible and actively contribute to the long-term sustainability for all our projects by taking an integrative approach. We actively seek opportunities to integrate aspects of circularity into our renovation and construction projects. In Calgary, we secured 14,000 sq. ft. of slightly used carpet that was being disposed of from a downtown office tower and installed the carpet in a show suite and several smaller tenant spaces. Our contractors in Quebec track the recycling of demolished construction materials on mid to large size projects.

Social

DIR.UN’s strength as an organization comes from our strong and diverse workforce. Our employees possess expertise in a wide variety of areas that benefit our business, from real estate management and development to capital markets, risk, insurance and many more.

Tenant Engagement

DIR.UN conducted a tenant engagement and satisfaction survey in 2021 to benchmark and enhance tenant satisfaction.

Sustainability-related questions have been incorporated into the survey to help us to better understand tenant sustainability preferences, identify priority assets for sustainability investments, such as rooftop solar and EV charging stations, and provide insight into opportunities to broker new sustainability-related partnerships. As part of this process,
we are holding feedback sessions with tenant sustainability
teams to discuss results and develop action plans.

  • 71% have shown interest in using renewable energy for their energy requirements. Dream Industrial’s progress in roof top solar projects and continuous research and analyses on other sources of renewable energy will address the interest of our tenants in getting access to cleaner forms of energy.
  • 80% are interested in pursuing LED retrofits in their premises, which will inform our LED retrofit planning.
  • 64% of respondents have expressed interest in green building certifications, which we will align with our green certification program for our portfolio.
  • 55% are interested in installing EV charging stations at their buildings.

DIR.UN Employee Gender Breakdown (1)

(1) Includes employees at all levels.
(2) Includes only employees dedicated to Dream Industrial REIT and excludes employees on unpaid leaves of absence (e.g., permanent disability, long-term disability, parental leave and interns.
(3) Executives of Dream Industrial are employees of Dream Asset Management Corporation however the CFO of DIR.UN is a woman, while the CEO and COO are men.

Governance

As part of the ESG Framework, DIR.UN links ESG performance to executive and employee goals and compensation.

Financial Risk and Resilience

We significantly improved the strength of our balance sheet and our financial resiliency in 2020.

We increased the scale of our portfolio in 2020 to $3.2 billion, and further diversified our portfolio and tenant mix.

We increased our unencumbered asset pool from $100 million or 3.3% of total assets at the end of 2019 to $1.4 billion or 41% of assets at the end of 2020.

In 2020, DIR.UN achieved an investment grade credit rating significantly improving our access to capital.

As of December 31, 2020, our available liquidity amounted to $573 million as a result of our deleveraging efforts as well as our proactive financing strategies. We have a comprehensive insurance program benchmarked regularly against peers and other public entities of our size and scale.

Sustainability at DIR.UN is managed by the following:

Zibi Boardroom - 30 Adelaide - Toronto, ON
Zibi Boardroom – 30 Adelaide – Toronto, ON

Case Studies

Sustainability Reports