Dream Unlimited owns stabilized income generating assets in both Canada and the U.S. and has an established and successful asset management business, inclusive of ~$24 billion(1) of assets under management across four TSX listed trusts, a private asset management business and numerous partners. Dream Unlimited is the asset manager for Dream Impact Trust and Dream Industrial REIT and co-asset manager for Dream Residential REIT.
DRM is committed to making a positive impact on the natural environment and the communities in which it operates. When building new communities, making new investments or operating existing assets, DRM integrates ESG considerations into its practices to reduce risks and create value for customers, tenants, employees and home-buyers, while positively impacting communities and the environment.
2021/2022 Highlights
-
Pursuing LEED Gold BD+C, ND certification
and One Planet Living certification at LeBreton Flats Library Parcel
-
Awarded the 2022 Golden Eagle Climate
Change Impact Awardfor the 2021-22 ski season at Arapahoe Basin
-
Submitted first progress report to Net Zero Asset Managerswith 61% of the Dream group of companies’ total assets under management (AUM)(1) committed to be managed in line with net zero by 2035
-
100% of homes are solar ready
at Alpine Park in Calgary, of which 50 are currently occupied
-
23 acres of land designed
as Environmental Reserve at Alpine Park
-
50% of waste diverted
from landfill at Arapahoe Basin
-
30 rental units
to be dedicated to housing Algonquin and other Indigenous Peoples at LeBreton Flats Library Parcel
-
64% of contracts for vendors and performers
were awarded to equity-seeking groups at the inaugural Front Street Festival
-
$760,000+
in charitable donations
-
Implemented internal controls
iframework to standardize the collection, measurement, and review of ESG and impact data
-
Hosted board education sessions
on ESG and climate-related risks and opportunities
-
First out of 6(4)
ranking in Global Real Estate Sustainability Benchmark public disclosure peer group
(1) Total AUM is as at June 30, 2022, at the submission.
(2) 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.
(3) Rating as at March 31, 2023.
(4) 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.
ESG Scorecard
Indicator | 2019 Baseline | 2021 | 2022 | YoY% Change | % Change from Baseline |
Energy | |||||
Energy Consumption (ekWh)(2) | 30,105,400 | 24,730,688 | 24,572,495 | <1% | -18% |
Energy Intensity (ekWh/sf)(3) | 57 | 47 | 44 | -2% | -23% |
Water | |||||
Water Consumption (m³)(2) | 72,049 | 94,092 | 35,423 | -62% | -1% |
Water Intensity (m3/sf) | 0.18(3) | see note(4) | 0.09(3) | see note(4) | -50% |
GHG Emissions(5) | |||||
Scope 1 Emissions (tCO2e) | 3,326 | 2,625 | 2,506 | -5% | -25% |
Scope 2 Emissions (tCO2e) | 2,105 | 1,677 | 1,821 | 9% | -13% |
Total GHG Emissions (Scope 1 and Scope 2) (tCO2e) | 5,431 | 4,302 | 4,327 | <1% | -20% |
GHG Emissions Intensity (Scope 1 and Scope 2) (kg CO2e/sf) | 6.54(3) | see note(4) | 4.60(3) | see note(4) | -30% |
Scope 3 Emissions (tCO2e)(6) | 169 | 152 | 250 | see note(4) | 48% |
Waste(2) | |||||
Waste to Landfill (tonnes) | see note(4) | see note(4) | 567 | – | – |
Waste Diverted (tonnes) | see note(4) | see note(4) | 261 | – | – |
Total Waste Generated (tonnes) | see note(4) | see note(4) | 828 | – | – |
Waste Diversion (%) | see note(4) | see note(4) | 32% | – | – |
Certifications and Ratings | |||||
GLA of Portfolio with Green Building Certification (sf) | – | 395,000 | 395,000 | 0% | – |
Indicator | 2020 | 2021 | 2022 |
Employees(7)(8) | 205 | 223 | 251 |
Voluntary turnover rate(9) | 15% | 18% | 19% |
Woman employees(10)(11) | 49% | 50% | 46% |
Woman managers(12) | 35% | 41% | 37% |
Woman executives(13) | 50% | 50% | 50% |
Indicator | 2020(14) | 2021(15) | 2022(16) |
Women Directors | 50% | 50% | 50% |
Independent Directors | 75% | 75% | 75% |
(1) The scope of boundary of the data includes standing investments where DRM has direct operational control. As a result, investment assets Gladstone Hotel and Broadview Hotel are outside DRM’s organizational boundaries. Zibi Community Utility are outside DRM’s direct operational control. For more information, please refer to the Supplemental Disclosure section.
(2) Data coverage includes Distillery District and Arapahoe Basin Ski Resort.
(3) Data coverage includes Distillery District.
(4) Indicators were not tracked in the noted time period.
Data coverage includes operational emissions of downstream leased assets (Broadview Hotel and Gladstone Hotel) since ownership.
(5) GHG emissions are calculated in accordance with the World Resource Institute Greenhouse Gas Protocol. The captured activities include DRM’s operational control over: Scope 1 emissions generated directly from its operations; Scope 2 emissions indirectly associated with generation of purchased electricity, heating, cooling, and steam consumed by properties, Scope 3 emissions generated from Category 13 (downstreamleased assets).
(6) Data coverage includes operational emissions of downstream leased assets (Broadview Hotel and Gladstone Hotel) since ownership.
(7) Based on employees of Dream Asset Management Corporation, which includes employees of DRM and MPCT.UN and DRR.U Canadian employees. Does not include employees at recreational properties, employees on unpaid leaves of absence (e.g., permanent disability, long-term disability, parental leave), interns, and DRR.U employees of Pauls Corp.
(8) Numbers represented as total headcount; not full time equivalent.
(9) Turnover is calculated as a percentage of employee headcount within the noted category.
(10) Percentages are based on total headcount.
(11) Includes employees at all levels.
(12) Includes managers and above.
(13) Includes the Chief Responsible Officer and Chief Financial Officer of DRM.
(14) Board composition as at December 31, 2020.
(15) Board composition as at December 31, 2021.
(16) Board composition as at December 31, 2022.
Environmental
Dream Unlimited is committed to integrating sustainability into the design, construction, and operations of its buildings. Dream Unlimited has a legacy of building communities that showcase best practices in sustainability.

Flood Mitigation at Zibi
Zibi is a net zero neighborhood development that spans Ottawa and Gatineau, overlooking the Ottawa River. The 34-acre development will be constructed over the next decade in a phased approach. The end result will be a mixed-use community, including eight acres of unique waterfront green spaces.
To date, the site has opened three parks and plazas and a multi-use pathway, occupied two condominiums, and completed the development of one apartment building and three office buildings, all of which are over 80% occupied. Over the next year, three additional Zibi buildings are expected to be completed.
The Zibi development is in a 50-year flood zone. Physical climate risk, specifically flood risk are top of mind given Zibi’s location on the shores of the Ottawa River. Flood mitigation measures on the site have been implemented to ensure the development is designed to withstand a 1 in 1,000-year flood.
Investing in flood mitigation provides several benefits to the Zibi community:
- Preserves long-term asset value
- Increases tenant comfort and satisfaction when investing in waterfront real estate
- Reduces business interruptions for retail tenants
Social
Dream Unlimited’s resilience as an organization comes from its strong and diverse workforce.

Diversity, Equity and Inclusion at Arapahoe Basin
In 2021, Arapahoe Basin engaged Ascent Inclusion consulting to complete a comprehensive diversity, equity, and inclusion (DEI) audit as the first phase of a multi-year action plan. With the DEI audit findings, Arapahoe Basin intends to do better as an employer and as a member of the community.
Phase I of the A-Basin DEI Action Plan includes goals under Diversity, Equity, and Inclusion pillars. Goals include expanded DEI data collection, policy development focused on recruitment, DEI training for employees, partnerships with schools to offer paid internships and apprenticeships, improved inclusive marketing and incorporation of DEI-related incentives in annual performance goals.
Actions to progress these goals in 2022 included:
- Hosted its first Pride celebration in May 2022
- Created an opportunity for employees to seek support, including financial resources and schedule adjustments, to join diverse outdoor-recreation groups
- Expanded its partnership to deepen ties with local schools to provide 3 free ski/ snowboard lessons, equipment, and lift tickets
DRM 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 Chief Responsible Officer and Chief Financial Officer of DRM.
Governance
As part of the ESG Framework, Dream Unlimited links ESG considerations to executive goals and compensation.

Sustainability and ESG related matters are managed by the following:
-
Board of Directors
+
The DRM board is responsible for the oversight of ESG matters and has delegated such oversight to the Governance, Environmental and Nominating Committee
-
Governance, Environmental and Nominating Committee
+
Oversee approach to environmental, social, governance and impact investing matters
-
Chief Responsible Officer
+
Provide oversight of sustainability and ESG
-
ESG Executive Committee (Members of the Executive Leadership team from each Dream entity)
+
Adopt ESG Framework for DRM
Communicate sustainability strategy and commitment across the company and to key external stakeholders
Delegate implementation to DRM’s Sustainability and ESG team
Reports to the Governance, Environmental and Nominating Committee
-
Head of Impact Investments and Strategy
+
Responsible for the execution of DRM’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 DRM’s impact initiatives and broader community objectives
-
Sustainability and ESG Team
+
Embed sustainability strategy and commitment across the company and key external stakeholders
Oversee the implementation of the ESG Framework for each Dream entity
Manage portfolio sustainability initiatives including building certifications, energy, water and waste management
and monitoring, as well as strategic initiativesMeet quarterly with the ESG Executive Committee
-
Sustainability Working Groups
+
Responsible for advancing sustainability initiatives and activities at company and property level
Includes three working groups covering the following focus areas: Green Property Operations, Employee Engagement, and Tenant Engagement
Includes representatives from across functions, regions, and properties
Each group reports regularly to the Sustainability and ESG team
-
Investment Committee
+
Review each 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
Disclosure Frameworks
-
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 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, on behalf of the Dream group of companies, became a signatory to the PRI in 2021 and will report on responsible investment activities starting in 2023.
-
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 has identified relevant SDGs throughout its investment strategy and considers how projects may contribute to the achievement of these goals. In particular, the Dream group of companies is dedicated to building safe, resilient, inclusive, and sustainable cities – expressed by Goal 11.
-
Taskforce on Climate-related Financial Disclosures ↗In 2021, Dream Unlimited became an official supporter of the Taskforce on Climate-related Financial Disclosures (TCFD) recommendations. To align with TCFD recommendations and enable appropriate oversight, Dream Unlimited 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 Unlimited prepares for the implications of climate change and climate-related financial disclosures.
-
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.
(1) Assets under management as of June 30, 2022.
Environmental
Arapahoe Basin
Arapahoe Basin was awarded the 2022 Golden Eagle Climate Change Impact Award for the 2021-22 ski season by the National Ski Areas Association. This award recognized the sustainability efforts the ski resort undertakes on the path to becoming carbon neutral by 2025 and for several unique actions undertaken during the 2021-22 winter season.
These actions included:
- Installed five dual-port electric vehicle charging stations
- Sourced over than 54% of total electricity from renewable sources
- Continued strong waste diversion efforts to divert over 50% of waste from landfill

Environmental
Alpine Park’s Storm Park
Alpine Park will include a best-in-class stormwater management system, dubbed the Storm Park. Storm Park will use leading-edge technology involving ‘Nautilus Ponds’ to pre-treat water before running it through an integrated preserved natural ravine and reconstructed wetland treatment cells. The integrated natural ravine and wetland treatment cells further reduce residual nutrients (i.e., phosphorus), pathogens, metals, and salts before discharging water back into the natural ecosystem. he design seeks to reduce the negative effect that the built environment can have on water sources and the biodiversity that depends on that water.
Alpine Park has secured over 23 acres of land as an environmental reserve, which represents 5% of all Alpine Park and is over and above the City of Calgary’s requirements. This design further reduces the negative effect that the built environment can have on water sources and the biodiversity that depends on that water.

Environmental
Alpine Park’s Solar-ready Homes
Alpine Park has integrated sustainability and resiliency
measures throughout the development and design process.
Alpine Park’s architectural guidelines enable homeowners to
install solar panels on their house or garage, as each home is equipped with a solar conduit, and is designed to maximize sun exposure. The Alpine Park team also supports residents by building awareness of government financing opportunities related to solar panel installation. Solar-ready homes help enable new homeowners to generate renewable energy and reduce their utility costs.

Social
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 throughout the master-planned community, and the completion of Aalto Suites is an important step towards this goal.
Zibi is also continuing construction on Block 206, which has an affordable housing component. Occupancy of Block 206 is expected for October 2023.

Social
Front Street Festival
The Canary District is a mixed-use development offering diverse housing options and services for people at all life stages and income levels, adjacent to Dream Unlimited’s Distillery District.
It was originally built to serve 10,000 people as the 2015 Pan/Parapan Am Games Athletes’ Village and was subsequently converted to what is now known as the Canary District. In addition to diverse housing options, it includes a YMCA recreation centre, a student residence for George Brown College, and a range of shops, restaurants, local businesses, streets and lanes, and recreational opportunities.
The Canary District prioritizes its residents’ health, well-being and inclusiveness within the broader community. As part of this focus on wellbeing, Dream Unlimited launched the inaugural Canary District Front Street Festival in July 2022. This event was organized to highlight the inclusivity that has been built into the Canary District through community organizations and support and to introduce the broader community to the Canary District.
Over the course of the two-day event, the festival featured the people and the values that make the district special, including 60+ local, small business vendors and exciting buskers and performers. Building on this success, a 2023 festival is being planned.
Other Canary District sponsored events in 2022:
- Tisiget Indigenous Art Project
- Canary District Pollinator Garden Project – continuing into 2023

Social
Tesasini Park, Zibi
Tesasini Park is a planned waterfront park designed in partnership with the National Capital Commission. It is the largest of three parks to be built as part of the Zibi development.
Throughout the design process, representatives of the Algonquin Anishinabe communities were consulted to provide input on the park’s design, including the selection of trees, naming of the park, and introduction of cultural and artistic interpretive elements. Tesasini Park is scheduled to open in spring 2023.
In 2022, construction began on Tesasini Park. Due to its location between the shores of the Ottawa River and Zibi, the park’s design incorporated multiple flood mitigation features. The park will feature exposed bedrock shelves where layers of stone slabs will protect the park from erosion when water levels rise. Native plant species will be introduced between the Zibi development and the shoreline to further protect against erosion.

Sustainability Reports
-
Previous years
+
-
2021 DRM Sustainability Update Report
↗ -
2021 Dream Group of Companies Sustainability Update Report
↗ -
2021 Dream Group of Companies Sustainability Update Report
↗ -
2020 – 2021 Dream Group of Companies Sustainability Report
↗ -
2019 DRM Sustainability Report
↗ -
2019 Dream Group of Companies Sustainability Report
↗
-
-
Policies
+
Disclosure Policy
The objective of our disclosure policy is to ensure that communications to the investing public about Dream are timely, factual and accurate, and disseminated in accordance with all applicable legal and regulatory requirements.
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, officers and employees of Dream Unlimited Corp.
Whistleblower PolicyAt Dream, 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 Dream Unlimited Corp. 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 Corporation has a majority voting policy, requiring that each Director nominee receive the support of a majority of the total number of votes cast by the shareholders entitled to elect such Director nominee, failing which such Director shall submit his or her resignation to the Board for consideration.
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 PolicyDream seeks to maintain a Board comprised of talented and dedicated directors whose skills and backgrounds reflect the diverse nature of the business environment in which Dream operates. Accordingly, the composition of the Board is intended to reflect a diverse mix of skills, experience, knowledge and backgrounds, including an appropriate number of women directors.
Responsible Investment PolicyThis Responsible Investment Policy outlines our approach to integrating responsible investment practices into our business and investment activities.
*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.