Dream Industrial Real Estate Investment Trust (TSX: DIR.UN) (Dream Industrial, or DIR.UN) owns, manages and operates a portfolio of 322 industrial assets totalling approximately 70.6 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S.

Dream Industrial’s goal is to deliver strong total returns to its unitholders through secure cash flows underpinned by its high-quality portfolio and an investment grade balance sheet as well as driving growth in its net asset value and cash flow per unit.

2021/2022 Highlights

  • Best Places Icon
    2.4 million sf

    of green building certifications
    underway for 12 properties (including properties under development)

  • Best Places Icon
    1.6 million sf

    of completed green building certifications

  • Best Places Icon
    52 buildings

    with energy ratings of EPC B or higher, totalling 7.7 million sf

  • Environmental Icon
    1.3 million+ sf

    in LED upgrades were completed
    across the portfolio

  • Environmental Icon
    Added 10 MW of renewable energy capacity

    by completing 14 solar projects in the Netherlands and Alberta

  • Environmental Icon
    $200 million

    issued in a third green bond offering

  • Social Icon
    Gold level award

    through the Green Lease
    Leader Program by the Institute for Market Transformation and the US Department of Energy Better Buildings Alliance

  • Social Icon
    Over 1.3 million sf

    of green leases have been executed

  • Social Icon

    of managers are women(1)

  • Government Icon
    Completed inaugural GRESB(2)

    submission and achieved full marks in areas of Leadership, Policies, Reporting, Targets and Data Monitoring and Review Categories

  • Government Icon
    Implemented internal controls framework

    to standardize collection, measurement and review of ESG and impact data across the portfolio

  • Government Icon
    Increased alignment to the TCFD recommendations

    by integrating responsibility of ESG and impact matters into corporate governance

(1) Includes managers and above.
(2) All intellectual property rights to this data belong exclusively to GRESB B.V. All rights reserved. GRESB B.V. has no liability to any person (including 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.
(3) Based on 1,063 real estate companies rated by Sustainalytics globally. As at March 2023. Copyright ©2023 Sustainalytics. All rights reserved. This report contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third-party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.

ESG Scorecard

Indicator 2019 Baseline 2021 2022 YoY% Change % Change from Baseline
Energy Consumption (ekWh)(2) 39,877,385 16,691,442 38,945,824 see note(4) -2%
Annual MWh of Renewable Energy Produced(5) 2,507 6,119 12,077 97% 382%
Cumulative On-site Solar PV System Capacity (kW)(5) 2,433 5,795 19,489 236% 701%
Cumulative Percentage of Total Floor Area with On-site Renewable Energy Generation(5) 3.7% 5.8% 11.5% 98% 211%
GHG Emissions(2)(6)
Scope 1 Emissions (tCO2e) 4,435 852 3,544 see note(4) -20%
Scope 2 Emissions (tCO2e) 5,020 2,461 3,386 see note(4) -33%
Total GHG Emissions (Scope 1 and Scope 2 tCO2e) 9,455 3,313 6,930 see note(4) -27%
Water Consumption (m³)(2) 284,744 see note(3) 218,444 -23%
Annual Water Savings from Climate-controlled Irrigation (litres)(7) 15,667,000 10,712,000 10,467,000 -2% -33%
Building Lighting Upgrades
Cumulative Total Floor Area with LED Lighting Upgrades (sf)(8) 9,173,345 11,320,546 23%
Green Buildings
Cumulative GLA of Portfolio with Green Building Certifications (sf) 472,123 1,601,587 1,601,582 0% 239%
Percentage of Eligible Portfolio with an Energy Rating(9) see note(3) 49% 46% -6%
Percentage of Portfolio with Sustainable Roofs(10) see note(3) 20% 23% 13%
Number of EV Charging Stations(11) see note(3) 93 136 46%

(1) Excludes US Portfolio. Please refer to Supplemental Disclosures for more detail including data coverage and sources of emission factors.
(2) Excludes data from assets in the European portfolio.
(3) Indicators were not tracked for the noted time period. (4) Data coverage increased significantly, hence, the YoY % change is not comparable.
(5) Includes estimations and third-party and tenant-owned systems on Dream Industrial’s properties.
(6) GHG emissions are calculated in accordance with the World Resource Institute Greenhouse Gas Protocol. Calculations in this t able capture activities DIR.UN has direct and indirect operational control over: Scope 1 emissions gener ated directly from its operations, including heating properties; Scope 2 emissions indir ectly associated with generation of purchased electricity.
(7) Data is collected from 46 buildings in Calgary.
(8) Historic numbers have been updated to exclude T5 lighting and US Portfolio GLA to stay consistent with future reporting.
(9) Represents 100% of GLA of floor area of properties in ENERGY STAR Portfolio Manager or has Energy Performance Certificates (EPC) ratings. Changes in years are due to acquisitions and dispositions of assets.
(10) Sustainable roofs include cool roofs and green roofs with vegetation.
(11) Includes EV chargers owned or installed by tenants.
(12) Includes only employees 100% dedicated to DIR.UN and excludes employees on unpaid leaves of absence (e.g., permanent disability, long-term disability, parental leave) and interns.
(13) Numbers represented as total headcount; not full time equivalent.
(14) Turnover is calculated as a percentage of employee headcount within the noted category.
(15) Percentages are based on total headcount.
(16) Includes employees at all levels.
(17) Includes managers and above.
(18) The Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of Dream Industrial REIT are employees of Dream Asset Management Corporation. For the purposes of this Report, they are included under DIR.UN.
(19) Board composition as at December 31, 2020.
(20) Board composition as at December 31, 2021.
(21) Board composition as at December 31, 2022.


Dream Industrial has a responsibility to manage and mitigate its overall impact on the environment. It recognizes that sustainability and impact investing are fundamental to doing business and a key driver of creating long-term value for its stakeholders. Dream Industrial’s approach to sustainability includes increasing energy efficiency throughout its portfolio, engaging tenants, lowering operational costs, incorporating energy management initiatives into its capital expenditures, and future-proofing assets against the impacts of climate change.

Building Certifications

Green building certifications help Dream Industrial incorporate a range of sustainable features into its global portfolio of properties and provide tenants and investors with credible proof points of the value of ESG features in buildings.

In 2022, Dream Industrial continued to make progress on its commitment to increase the number of green building certifications in the portfolio. 

  • 1.6 million sf of completed green building certifications in the portfolio
  • 2.4 million sf of green building certifications underway (for 12 properties)

In 2022, Dream Industrial incorporated green certification criteria into its development strategy and made the commitment to obtain LEED, BOMA or DGNB certification for all new developments. 

LED Lighting

Lighting is one of the most significant and consistent sources of energy consumption and utility costs in the 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. Dream Industrial is focused on transitioning interior and exterior lighting to LEDs, and in 2022 developed an in-house software application to track LED upgrades completed in the portfolio. Dream Industrial continues to optimize opportunities to upgrade lighting when tenants renew or when space is returned. In 2022, Dream Industrial upgraded over 1.3 million square feet to LED.  

Sustainable Roofing

Sustainable roofs can achieve energy savings through using properly insulated roofing systems, while white roofs save energy during the air-conditioning season by reflecting sunlight and reducing heat absorption. Green roofs also reduce urban heat island effect, control water runoff and provide habitat for local species. 

In 2022, Dream Industrial finalized its Sustainable Roofing Policy for Canadian assets, which formalizes the integration of sustainable attributes into standard specifications for roof repairs and replacements. Prior to commencing any major roof work, the team evaluates if a building is a potential candidate for rooftop renewable energy and considers adapting the roof specification to ensure the roof is solar ready. 


Dream Industrial has committed to promoting the highest standards of social responsibility throughout the organization and aims to improve the lives of everyone who works there. Employees come from a wide range of backgrounds and experiences, bringing many valuable skills and perspectives to the team. The people Dream Industrial hires all have one thing in common: they hold shared values and contribute to company culture.

Green Lease

Dream Industrial has adopted a green lease as its standard lease across Canada. The green lease program includes tenant commitments to energy disclosures, low carbon construction practices, the purchase of on-site renewable energy (if available), energy efficiency engagement and training, and cost recovery clauses for energy efficiency upgrades. In 2022, Dream Industrial executed over 1.3 million sf of green leases in Canada and Europe.

Green Lease Leader Gold Award

Dream Industrial received Gold Level recognition from the Green Lease Leaders program during the Better Buildings, Better Plants Summit, held by the Institute for Market Transformation and the U.S. Department of Energy’s Better Buildings Alliance. Dream Industrial will be targeting Platinum Level recognition in 2023 and plans to continue integrating its sustainability initiatives with its high-performance leasing program.

Dream Industrial Gender Breakdown(1)

(1) Includes only employees 100% dedicated to Dream Industrial REIT and excludes employees on unp aid leaves of absence (e.g., permanent disability, long-term disability, parental leave) and interns. Percentages are based on total headcount.
(2) Includes employees at all levels.
(3) Includes Managers and above.
(4) Executives of Dream Industrial REIT are employees of Dream Asset Management Corporation however the CFO of DIR.UN is a woman, while the CEO and COO are men.


As part of the ESG Framework, Dream Industrial links ESG considerations to executive goals and compensation.

Sustainability at DIR.UN is managed by the following:(1)

(1) The responsibilities set out in this section 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 board, committees or teams referred to in this section.

Disclosure Frameworks

  • United Nations Principles for Responsible Investment ↗

    The Sustainable Development Goals (SDGs), also known as the Global Goals, were adopted by all United Nations Member States in 2015 as a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030. There are 17 goals in total which provide a shared blueprint to achieve the 2030 goals. The Dream group of companies has identified relevant SDGs throughout its investment strategy and considers how projects may contribute to the achievement of these goals. In particular, the Dream entities are dedicated to building safe, resilient, inclusive, and sustainable cities – expressed by Goal 11.
  • Task Force on Climate-Related Financial Disclosures logo
    Taskforce on Climate-related Financial Disclosures ↗

    In 2021, Dream Industrial became an official supporter of the Taskforce on Climate-related Financial Disclosures (TCFD) recommendations. To align with TCFD recommendations and enable appropriate oversight, Dream Industrial 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 Industrial 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% of total assets under management were 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 ↗

    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 support from Dream Industrial, became a signatory to the PRI in 2021 and will report on its responsible investment activities starting in 2023.

Case Studies

Sustainability Reports

*All intellectual property rights to this data belong exclusively to GRESB B.V. All rights reserved. GRESB B.V. has no liability to any person (including 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.