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.
Please refer to the Specified Financial Measures and Other Disclosures section of the Sustainability Report.
2024 Highlights
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PRIscored 4 stars in the Policy, Governance and Strategy and Real Estate modules and 5 stars in the Confidence Building Measures module(1)(2)
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GRESBplaced 1st out of 10 in the Americas, Other Comparison Group in the 2024 GRESB Public Disclosure(3)
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18.5 (Low Risk)Sustainalytics(4)(5) ESG Risk Rating (0-40+; 0 = best)
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Advocate levelrecognition achieved under the City of Toronto’s Green Will Initiative program
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~$27 millionin spending awarded to diverse businesses(6)
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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% |
| Indicator | 2022 | 2023 | 2024 |
| Employees | 247 | 266 | 270 |
| Voluntary turnover rates | 19% | 20% | 17% |
| Women employees(5) | 46% | 48% | 48% |
| Women managers(6) | 37% | 42% | 43% |
| Women executives(7) | 50% | 50% | 50% |
| Indicator | 2022 | 2023 | 2024 |
| Women Directors(8) | 50% | 50% | 63% |
| Independent Directors(8) | 71% | 88% | 75% |
(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):
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Board of Directors
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Oversee ESG matters, with responsibility for this oversight delegated 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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Aduit Committee
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Oversee assurance engagements related to the ESG (environmental, social and corporate governance) matters, including regulatory reporting, internal controls and third-party audits.
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Chief Responsible Officer (Highest-level executive with oversight over ESG and impact matters, including sustainability and climate change)
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Work with the Chief Financial Officer to provide leadership over the sustainability strategy and oversee adoption of the ESG Framework
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ESG Operating 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
Communicate sustainability strategy across the company and to key external stakeholders
Delegate implementation to 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 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 initiativesMeet quarterly with the ESG Operating Committee
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Sustainability Working Groups (Currently includes the Employee Engagement working group)
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Responsible for advancing sustainability initiatives and activities at company level
Involve representatives from across functions, regions, and properties and report 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
(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.
Zero Carbon Building Certification at Odenak
In 2024, Dream Unlimited broke ground on construction for Odenak in Ottawa’s LeBreton Flats. Named after the Algonquin Anishinàbe word for “community”, the project will include two residential towers, with approximately 40% of units dedicated to affordable housing.
In 2024, the two towers achieved Canada Green Building Council’s Zero Carbon Building (“ZCB”) – Design Standard v3 certification, which is geared towards guiding the design of new buildings and major renovations of existing ones to achieve zero carbon operations. The project is focused on reducing embodied and operational GHG emissions, energy use intensity and peak demand, and using low-carbon heat pumps for space and water heating, demonstrating Dream Unlimited’s ambition to reach its net zero targets.
Revitalization of the Historic Postmark Hotel
The Postmark Hotel, a historic post office turned hotel in Newmarket, Ontario, underwent a significant renovation and expansion after being acquired by Dream Unlimited, culminating in its reopening in August 2024. This project involved a mix of new additions and renovations to the existing structure, transforming it into a modern, energy-efficient building while preserving its historical significance.
The interior of the historic building was completely revitalized, incorporating modern technologies to enhance energy efficiency. LED lighting was installed throughout the building, and a Variable Refrigerant Flow (“VRF”) air source heat pump system was installed, replacing the old hydronic system that was gas and oil-powered and had a substantial carbon footprint.
The upgrades have made the building considerably more energy-efficient, reducing energy consumption across all utilities. The implementation of leak detection systems helps capture anomalies in water consumption, ensuring efficient use of resources. Moving forward, the building aims to optimize its systems using Building Automation Systems (“BAS”) to promote year-over-year energy savings.
Sustainability Reports
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Previous years
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2023 Dream Sustainability Report
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2022 Dream Group of Companies Sustainability Report
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2022 DRM Sustainability Report
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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 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.
Environmental PolicyThe Environmental Policy sets out Dream’s objectives and goals as it relates to protection of the environment. It allows us to identify products, activities and services that minimize adverse impacts on the environment and to introduce them where most effective in our business.
*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.