Dream Unlimited Corp. (TSX: DRM) (“Dream Unlimited” or “DRM”) is an innovative developer of exceptional retail, commercial, office and residential assets.
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 ~$26 billion(1) of assets under management across four TSX listed trusts, a private asset management business and numerous partnerships. Dream Unlimited is the asset manager for Dream Impact Trust and Dream Industrial REIT and co-asset manager for Dream Residential REIT.
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 ~$26 billion(1) of assets under management across four TSX listed trusts, a private asset management business and numerous partnerships. Dream Unlimited is the asset manager for Dream Impact Trust and Dream Industrial REIT and co-asset manager for Dream Residential REIT.
(1) As at September 30, 2024. Assets under management is a supplementary financial measure in respect of Dream Unlimited.
Please refer to the Specified Financial Measures and Other Disclosures section of the Sustainability Report.
Please refer to the Specified Financial Measures and Other Disclosures section of the Sustainability Report.
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.
2023 Highlights
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116 solar ready homes(1)occupied at Alpine Park -
57% wastediverted from landfill at Arapahoe Basin
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$2.6 millionfunded by the Canada Infrastructure Bank (“CIB”) for decarbonization projects(2)
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376 affordable housing unitsadded to portfolio in 2023(3) -
51% average discountto market rent on affordable units(4)
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~$16 millionin spending awarded to diverse vendors(5)
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PRICompleted inaugural Principles for Responsible Investment (“PRI”) submission and achieved scores above the PRI median in two out of three modules(6)
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Improved
Morningstar Sustainalytics ESG risk rating from 19.2 in 2022 to 13.0 in 2023, and assessed to be a Low Risk of experience material financial impacts from ESG factors(7)
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1st
in its respective GRESB(8) Public Disclosure Report peer group for the third consecutive year
(1) A solar-ready home is constructed with the future installation of a solar energy system in mind. Such homes meet specific criteria to ease the installation process and maximize solar electricity production.
(2) Based on cumulative draws to date as at Dec 31, 2023. Reflective of the Residence at Weston LP credit facility at 100%.
(3) At 100% project level. Affordable units are classified in line with certain government program’s affordability definition that each project is governed by.
(4) All figures are at 100% project level, inclusive of Quayside and LeBreton Flats Library Parcel developments. These are forecasted figures and are subject to change. Affordable units are classified in line with certain government program’s affordability definition that each project is governed by.
(5) Diverse vendors are defined as businesses that are majority-owned or majority-managed by people from equity-seeking groups. MPCT.UN collected this information in coordination with DRM and D.UN – and therefore includes tracked spending by MPCT.UN, DRM and D.UN. Spending is tracked on specific categories that include development projects (Quayside and LeBreton Flats Library Parcel), decarbonization retrofits in office and multi-family buildings, and general operational spending.
(6) DRM completed the submission on behalf of the Dream group of companies.
(7) As at December 2023. Copyright © 2023 Morningstar Sustainalytics. All rights reserved. This publication contains information developed by Sustainalytics (http://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-disclaimer.
(8) 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 | 2022 | 2023 | YoY% Change | % Change from Baseline |
| Energy | |||||
| Energy Consumption (ekWh)(2) | 30,105,400 | 24,572,495 | 25,085,019 | 2% | -17% |
| Energy Intensity (ekWh/sf)(3) | 57 | 44 | 45 | 2% | -21% |
| Water | |||||
| Water Consumption (m³) | 72,049 | 35,423 | 52,180 | 47% | -28% |
| Water Intensity (m³/sf) | 0.18(3) | 0.09(3) | 0.13 | 44% | -28% |
| GHG Emissions(4) | |||||
| Scope 1 Emissions (tCO2e) | 3,326 | 2,506 | 2,394 | -4% | -28% |
| Scope 2 Emissions (tCO2e) | 2,105 | 1,821 | 2,329 | 28% | 11% |
| Total Scope 1 and 2 GHG Emissions (tCO2e) | 5,431 | 4,327 | 4,723 | 9% | -13% |
| Scope 1 and 2 GHG Emissions Intensity (kgCO2e/sf) | 6.54 | 4.60 | 4.71 | 2% | -28% |
| Scope 3 GHG Emissions (tCO2e)(5) | 169 | 250 | 218 | -13% | 29% |
| Waste | |||||
| Waste to Landfill (tonnes) | see note(6) | 567 | 709 | 25% | – |
| Waste Diverted (tonnes) | see note(6) | 261 | 292 | 12% | – |
| Total Waste Generated (tonnes) | see note(6) | 828 | 1,002 | 21% | – |
| Waste Diversion (%) | see note(6) | 32% | 29% | -3% | – |
| Certifications and Ratings | |||||
| GLA of Portfolio with Green Building Certification (sf) | 0 | 395,000 | 395,000 | 0 | 0 |
| Indicator | 2020 | 2021 | 2022 | 2023 |
| Employees((8)(9) | 195 | 215 | 247 | 266 |
| Voluntary turnover rate(10) | 15% | 18% | 19% | 20% |
| Woman employees(11) | 49% | 50% | 46% | 48% |
| Woman managers(12) | 35% | 41% | 37% | 52% |
| Woman executives(13) | 43% | 25% | 50% | 50% |
| Indicator | 2020(14) | 2021(15) | 2022(16) | 2023(17) |
| Women Directors | 50% | 50% | 50% | 50% |
| Independent Directors | 75% | 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, Broadview Hotel and Zibi Community Utility are outside DRM’s organizational boundaries. For more information, please refer to the Supplemental Disclosures section of the Sustainability Report. Historic figures have been updated to reflect enhanced data tracking procedures and changes to calculation methodologies.
(2) Data coverage includes Distillery District and Arapahoe Basin Ski Resort.
(3) Data coverage includes Distillery District.
(4) 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 (downstream-leased assets).
(5) Data coverage includes operational emissions of downstream leased assets (Broadview Hotel and Gladstone Hotel) since ownership.
(6) Indicators were not tracked in the noted time period.
(7) Includes employees employed by Dream Asset Management Corporation, which includes DRM, MPCT.UN and Canadian DRR.U employees, as well as employees of Dream European Advisors GmbH, Dream Netherlands Advisors B.V., Dream US Manager LLC). Does not include employees employed at Dream recreational properties, employees on leaves of absence (e.g., permanent disability, long-term disability, parental leave) interns and DRR.U employees.
(8) Numbers represented as total headcount, not full-time equivalent.
(9) Includes permanent part-time employees.
(10) Turnover is calculated as a percentage of average employee headcount in noted category.
(11) Based on employees at all levels.
(12) Managers includes Manager level employees and above.
(13) Executives include: 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.
(17) Board composition as at December 31, 2023.
Environmental
Dream Unlimited has a legacy of building communities that showcase best practices in sustainability and integrates these principles into the design, construction, and operations of its buildings.
Arapahoe Basin Achieves Carbon Neutrality
Dream Unlimited acquired Arapahoe Basin in 1997 and over the last 27 years, together with the Arapahoe Basin management team, industry leading sustainability goals were set.
In 2023, Arapahoe Basin achieved its ambitious goal to source 100% of electricity from renewables, two years ahead of schedule. By fully switching to renewable electricity, Arapahoe Basin has reduced its GHG emissions by over two thirds. The target to achieve 100% renewable electricity by 2025 was set in 2018, alongside six other environmental sustainability targets which together support a pledge to achieve carbon neutrality by 2025.
Key to the success of achieving 100% renewable electricity is Arapahoe Basin’s partnerships with like-minded organizations. These include Xcel Energy, an electric utility pursuing a net zero by 2050 target, and Jack’s Solar Farm, a visionary social enterprise pioneering innovative agrivoltaics techniques to increase both food and energy security.
Social
Dream Unlimited supports the communities in which it operates through its partnerships, programming, and inclusivity commitments.
Building Affordable and Attainable Housing
Dream Unlimited has a focus on providing affordable and attainable housing. It does so by investing in and developing mixed-income communities that are transit-oriented, located close to employment opportunities, and support an overall lower cost of living with a higher quality of life. Dream Unlimited provides access to housing for people across all income levels and is proud to have built one of the largest affordable housing portfolios in Canada.
DRM Employee Gender Breakdown(1)
(1) Includes employees employed by Dream Asset Management Corporation, which includes DRM and MPCT.UN employees, and Canadian DRR.U employees. 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.
(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:
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Board of Directors
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The Dream Unlimited board is responsible for the oversight of ESG matters and has delegated such oversight to the Governance, Environmental and Nominating Committee
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Governance, Environmental and Nominating Committee
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Oversee approach to environmental, social, governance and impact investing matters
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Chief Responsible Officer
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Highest-level executive with oversight over ESG and impact matters, including sustainability and climate change, at
Dream UnlimitedWorks with the Chief Financial Officer to provide leadership over the sustainability strategy and oversee adoption of the
ESG Framework -
ESG Executive Committee (Members of the Executive Leadership team from each Dream entity)
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Receive regular updates from the Sustainability and ESG team on behalf of all departments and the sustainability working groups
Adopt ESG Framework for Dream Unlimited
Communicate sustainability strategy and commitment across the company and to key external stakeholders
Delegate implementation to Dream Unlimited’s Sustainability and ESG team
Reports to the Governance, Environmental and Nominating Committee
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Sustainability and ESG Team
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Embed sustainability strategy and commitment across the company and with 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 initiatives
Meet quarterly with the ESG Executive Committee
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Sustainability Working Groups
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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
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Investment Committee
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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
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Principles for Responsible Investment ↗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 completed the inaugural submission 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. In 2023, 69% of the Dream group of companies’ total assets under management were committed to be managed in line with net zero by 2050, an increase from 61% in 2022.(1)
(1) Assets under management as of December 31, 2023.
Environmental
Arapahoe Basin Achieves Carbon Neutrality
Dream Unlimited acquired Arapahoe Basin in 1997 and over the last 27 years, together with the Arapahoe Basin management team, the ski area was expanded and modernized, the two highest elevation restaurants in North America were opened, and industry leading sustainability goals were set.
In 2023, Arapahoe Basin was honoured by the National Ski Areas Association’s Golden Eagle Award for Community and Partnerships, for its collaboration with community organizations, industry-wide sustainability initiatives, and climate advocacy work. In the same year, Arapahoe Basin also achieved its ambitious goal to source 100% of electricity from renewables, two years ahead of schedule. By fully switching to renewable electricity, Arapahoe Basin has reduced its GHG emissions by over two thirds. The target to achieve 100% renewable electricity by 2025 was set in 2018, alongside six other environmental sustainability targets which together support a pledge to achieve carbon neutrality by 2025.
Key to the success of achieving 100% renewable electricity is Arapahoe Basin’s partnerships with like-minded organizations. These include Xcel Energy, an electric utility pursuing a net zero by 2050 target, and Jack’s Solar Farm, a visionary social enterprise pioneering innovative agrivoltaic techniques to increase both food and energy security.
On February 5, 2024, Dream announced it had entered into an agreement to sell Arapahoe Basin to Alterra Mountain Company for an after-tax profit of $110 million. The sale is expected to close in 2024 and is subject to regulatory approvals.
For more information on Arapahoe Basin’s carbon neutral goals and progress, please visit arapahoebasin.com/sustainability/.
Social
Community Engagement at the Quayside Development Project
Quayside is one of the most exciting development projects in Canada, integrating multiple levels of government and ambitious sustainability and inclusivity targets. This 12-acre masterplanned community at the east end of downtown Toronto’s waterfront is targetting net zero GHG emissions and will also include 3.5 acres of public forested green space, a significant urban farm, and one of Canada’s largest residential mass timber structures.
Before initiating the application process for a city-transforming project like this, Dream Unlimited, as Dream Impact’s asset manager and development partner on Quayside engages with the public to incorporate community needs and minimize environmental impact. It collaborates with leading urban designers and master community planners to create attractive, community oriented, and environmentally sustainable concepts.
In 2023, stakeholder outreach efforts began to raise awareness and gather feedback on project details, including programming, land use, density, massing and site plan design, and landscape. Meetings were attended by staff from Waterfront Toronto, the City of Toronto, Quayside Impact Limited Partnership and their consultant team. Additionally, the City hosted two Community Consultation meetings in November.
Key tools like the project website and social media accounts were created to educate the public about the development, share updates, and engage them in future phases.
Governance
Mitigating Flood Risk at Brightwater
Brightwater is a 72-acre lakeside neighbourhood in Mississauga’s Port Credit area. Upon completion, the site is expected to be transformed into a vibrant and diverse
community, including an elementary school, YMCA, and 18
acres of parks and outdoor space.
The development, located on remediated Imperial Oil refinery lands, won the Building Industry and Land Development Association Pinnacle Award in 2020 for Best New Community Planned/Under Development. Due to its proximity to Lake Ontario, physical climate risk mitigation strategies have been used to mitigate flood risk.
These include the installation of berms and the use of low
impact development tactics such as naturalized boulevards
and permeable pavements. Investing in flood mitigation
provides several benefits:
- Preserving long-term asset value
- Increasing tenant comfort and satisfaction when investing in waterfront real estate
- Reducing business interruptions for retail tenants
Sustainability Reports
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Previous years
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2021 DRM Sustainability Update Report
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2021 Dream Group of Companies Sustainability Update Report
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2021 Dream Group of Companies Sustainability Update Report
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2020 – 2021 Dream Group of Companies Sustainability Report
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2019 DRM Sustainability Report
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2019 Dream Group of Companies Sustainability Report
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Policies
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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 u0026 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.