Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of $28 billion(1) of assets under management across four Toronto Stock Exchange listed trusts and numerous partnerships.
(1) As at March 31,2025. 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.

2024 Highlights

  • PRI

    scored 4 stars in the Policy, Governance and Strategy and Real Estate modules and 5 stars in the Confidence Building Measures module(1)(2)

  • GRESB

    placed 1st out of 10 in the Americas, Other Comparison Group in the 2024 GRESB Public Disclosure(3)

  • 18.5 (Low Risk)

    Sustainalytics(4)(5) ESG Risk Rating (0-40+; 0 = best)

  • Advocate level

    recognition achieved under the City of Toronto’s Green Will Initiative program

  • ~$27 million

    in spending awarded to diverse businesses(6)

  • 689

    active affordable housing units(7)

(1) DRM completed the submission on behalf of the Dream group of companies.
(2) This information is based on the 2024 Assessment Report provided by the UN-supported Principles for Responsible Investment (PRI). The PRI Assessment is based on self-reported data and reflects the organization’s alignment with the six Principles for Responsible Investment. The PRI does not endorse or certify the ESG performance of its signatories. For further information please see www.unpri.org.
(3) 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. The GRESB Public Disclosure Level is based on the 2025 GRESB Public Disclosure dataset. GRESB assessments are based on publicly available ESG disclosures and are provided ‘as is’ without warranty. GRESB does not endorse or certify the ESG performance of any organization.
(4) As of December 31, 2024.
(5) Copyright © 2024 Morningstar 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 www.sustainalytics.com/legal-disclaimers.
(6) Diverse vendors are defined as businesses that are majority-owned or majority-managed by people from equity-deserving 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 is included on the Social Procurement page in this Report.
(7) At 100% project level. Affordable units are classified in line with certain government program’s affordability definition that each project is governed by.

ESG Scorecard

Indicator 2019 Baseline 2023 2024 YoY% Change % Change from Baseline
Energy
Energy Consumption (GJ)(2) 108,379 90,306 88,494
Energy Intensity (GJ/sf)(3) 0.2052 0.16 0.16 -3% -23%
Water
Water Consumption (m3)(2) 72,049 52,180 49,459
Water Intensity (m3/sf)(3) 0.18 0.13 0.13 0% -28%
GHG Emissions(4)
Scope 1 & 2 GHG Emissions (tCO2e)(2) 5,431 4,723 4,428
Scope 1 & 2 GHG Emissions Intensity (kgCO2e/sf)(3) 6.54 4.71 5.09 8% -22%
Waste
Waste Generation (tonnes)(2) 1,002 1,289
Waste Diversion rate (%)(2) 29% 18% -39%

(1) Unless otherwise stated, annual data for energy, GHG emissions, water and waste reflects the performance of properties owned during the respective calendar year. Floor area square footage is based on Gross Leasable Area (“GLA”) as of end of reporting year. Please refer to the ESG Data Book for more information, including data coverage and sources of emission factors.
(2) Includes data from assets where DRM has direct operational control: Distillery District and Arapahoe Basin Ski Resort. Arapahoe Basin Ski Resort was sold in 2024, but data has been included for the full year.
(3) Includes data from assets: Distillery District.
(4) GHG emissions are calculated in accordance with the World Resource Institute Greenhouse Gas Protocol. They capture activities DRM has direct and indirect operational control over: Scope 1 emissions generated directly from its operations, including heating at properties. Scope 2 emissions indirectly associated with generation of purchased electricity, heating, cooling, and steam consumed by properties. The comparative periods are not presented using the emission factors included in the updated 2025 National Inventory Report, published on May 16, 2025 and 2025 US EPA Emissions Factor Hub, published in January 2025. As such, trends in emissions may be impacted.
(5)As at December 31, 2024.
(6)Includes managers and above.
(7)For the purposes of this report, Executives include: the Chief Responsible Officer and Chief Financial Officer of DRM.
(8)Board composition as at December 31, 2024.

Sustainability and ESG related matters are managed by the following(1):

(1) The responsibilities set out in this column 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 boards, committees or teams referred to in this chart.

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.