Dream Unlimited Corp. (TSX: DRM) is an innovative developer of exceptional office and residential assets in Toronto.
DRM owns stabilized income generating assets in both Canada and the U.S. and has an established and successful asset management business, inclusive of $23 billion of assets under management.(1)(2) DRM has a proven track record for its ability to source, structure and execute on compelling investment opportunities.
DRM owns stabilized income generating assets in both Canada and the U.S. and has an established and successful asset management business, inclusive of $23 billion of assets under management.(1)(2) DRM has a proven track record for its ability to source, structure and execute on compelling investment opportunities.
(1) For the definition of the following supplementary financial measure of Dream Unlimited Corp.: assets under management,
please refer to the “Non-GAAP Measures and Other Disclosures” section of the 2021 Sustainability Update Report.
(2) As at December 31, 2022.
please refer to the “Non-GAAP Measures and Other Disclosures” section of the 2021 Sustainability Update Report.
(2) As at December 31, 2022.
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
-
Amenities and inclusive atmosphereOpened Pangishimo Park, Zibi’s first community park which was designed with Indigenous input and has a naturalized children’s play structure with elements from Zibi’s Heritage Interpretive Plan. The Plan ensures that the cultural heritage values and resources of the Zibi site are respected for future generations
-
Connectivity
Opened a pedestrian and cycling connection between Zibi and the regional Multi Use Pathway, providing easy access to recreational opportunities and vast green space across the city’s waterfront
-
Certifications
Published inaugural Impact Report ↗, presenting DRM’s approach to impact investing through the creation of the Dream Impact Management System and reporting on performance aligned with the Operating Principles for Impact Management. The second Impact Report ↗ was published in early 2022
-
Sustainable DevelopmentRemediated 13,500 metric tons of
soil at Zibi -
Carbon and resource efficiency
Installed 18,000 sf of green roofs at Brightwater development
-
Carbon and resource efficiency
Produced 23,662 kWh of renewable electricity at Arapahoe Basin, contributing to 54% of total electricity being sourced from renewables
-
Sustainable procurementDeveloped Dream’s Social Procurement Strategy to establish a clear, intentional and equity-focused strategy to leverage and influence supply chain. As a start, DRM is surveying all existing vendors to establish a baseline against identified metrics. All new vendors will complete the same survey as part of the accounting on-boarding process. Over the coming years the Social Procurement Strategy will be phased in on a project-by project basis for DRM, D.UN, and MPCT.UN. Please see our Social Procurement Strategy ↗ for more information
-
Government collaboration
Began leasing Aalto Suites in December 2022, a 162-unit rental apartment building at Zibi that was funded and financed through the Canada Mortgage and Housing Corporation (CMHC)’s Rental Construction Financing Initiative (RCFI) program
-
Tenant relationships
Offered 18 workshops and events at Zibi welcoming over 17,000 visitors / participants to the site
-
ESG impact and management
Launched the Net Zero Steering Committee, which includes executive representatives from across the Dream group of companies
-
Valuing employees
Conducted an employee engagement survey to better understand employee satisfaction across a variety of topics
-
Corporate governance
One of the first Canadian public real
estate companies to become an official supporter of the Task Force on Climate-related Financial Disclosures (TCFD)
ESG Scorecard
| Indicator | 2020 | 2021 |
| Energy | ||
| Energy consumption (ekWh) | 19,760,739(3) | 24,730,688(3) |
| Energy intensity (ekWh/sq.ft.) | 69(4) | 47(4) |
| Water | ||
| Water consumption (m3) | 30,510(4) | 94,092(3) |
| GHG Emissions(5) | ||
Scope 1 emissions (tCO2e) |
2,164 | 2,625 |
Scope 2 emissions (tCO2e) |
2,018 | 1,677 |
Total GHG emissions (Scope 1 and 2; tCO2e) |
4,182 | 4,301 |
| Building Certifications | ||
| GLA of portfolio with Green Building Certification (sf) | 395,000 | 395,000 |
| Indicator | 2019 | 2020 | 2021 | |
| Employees(6)(7) | 210 | 205 | 223 |
| Voluntary turnover rate(8) | 26% | 15% | 18% |
| Woman employees(9)(10) | 51% | 49% | 50% |
| Woman managers(9)(11) | 25% | 35% | 41% |
| Woman executives(9)(12) | 50% | 50% | 50% |
| Indicator | 2019 | 2020 | 2021 |
| Independent directors | 75% | 75% | 75% |
| Woman directors | 50% | 50% | 50% |
(1) 2019 data is not available. We continue to improve our data collection processes and coverage for transparency and comparability purposes.
(2) The scope of boundary of the data was updated to exclude properties where DRM does not have operational control. As a result, investment assets Gladstone
Hotel and Broadview Hotel are moved to outside DRM’s boundaries for 2020 and 2021 reporting. For more information, please refer to the Supplemental Disclosure
section.
(3) Data coverage includes Distillery District and Arapahoe Basin Ski Resort.
(4) Data coverage includes Distillery District.
(5) 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.
Scope 2 emissions indirectly associated with generation of purchased electricity, heating, cooling and steam consumed by properties.
(6) Based on employees of Dream Asset Management Corporation, which includes employees of DRM and MPCT.UN. Does not include employees at Dream recreational properties, employees
on unpaid leaves of absence (e.g., permanent disability, long-term disability, parental leave) or interns.
(7) Numbers represented as total headcount, not full time equivalent.
(8) Turnover is calculated as a percentage of average employee headcount for 2021.
(9) Percentages are based on total headcount.
(10) Includes employees at all levels.
(11) Managers include Manager level and above.
(12) For the purposes of this Report, Executives include: the Chief Responsible Officer and Chief Financial Officer of DRM.
Environmental
Dream is committed to integrating sustainability into the design, construction and operations of all our buildings.
Zibi’s Net Zero Heating and Cooling Community Utility
The Zibi Community Utility (ZCU) is the only district energy system in a master-planned community in North America to use low-grade, post-industrial waste to heat buildings. The waste heat generates no emissions and directly replaces the burning of natural gas. This is an innovation rarely considered for heating in cold climates and ZCU is one of a few district energy systems in North America to meet 100% of the community’s heating needs without fossil fuels.
Since coming online in December 2021, ZCU has been servicing three residential buildings and three office buildings totaling 615,000 sf. ZCU ramped up to 6MW in heating output in 2021. During the cooling season, the chillers will leverage the Ottawa River as a heat sink to efficiently produce chilled water to cool the buildings.
When completed, all four million square feet of residential and commercial buildings at Zibi will be interconnected through a hydronic loop that delivers heating and cooling energy, saving 4,400 tCO2e per year, the equivalent of taking 1,354 cars off the road. Learn more in Zibi’s One Planet Report ↗.
Carbon and resource efficiencyInnovation and technology adoption
Block 211
One of the buildings currently being served by the ZCU is Block 211, a state of the art class A office building totaling 175,248 sf that is occupied by the Government of Canada. Block 211 is net zero ready and is 17.5% more efficient than National Energy Code of Canada for Buildings (NECB) 2015 thanks to its design. It also has a 36% lower peak electric demand compared to NECB. Because of its proximity to the future Union Square Park, tenants and visitors will have easy access to green space from their office. The building was completed in November 2021, on time and within the original planned budget – a notable achievement given pandemic-related limitations.
Innovation and technology adoptionCarbon and resource efficiencyAmenities and inclusive atmosphere
Key Accomplishments
-
DRM, on behalf of the Dream group of companies, joined the Net Zero Asset Managers (NZAM) Initiative, which is a group of international asset managers committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5 degrees Celsius -
DRM, on behalf of the Dream group of companies, signed onto the United Nations Principles for Responsible Investment (UN PRI), which includes a group of more than 4,300 investment managers and asset owners from nearly 90 countries committed to developing a more sustainable global financial system -
DRM is an official supporter of the Task Force for Climate-related Financial Disclosures (TCFD) which provides guidance and recommendations to help companies provide better climate disclosures to support capital allocation. More than 2,300 companies support the TCFD and Dream is one of the first Canadian public real estate companies to become an official supporter
Social
DRM’s strength as an organization comes from our strong and diverse workforce. Our employees possess expertise in a wide variety of areas that benefit our business, from real estate management and development to capital markets, risk, insurance and many more.
Social Procurement at Dream
MPCT.UN has committed to utilizing its purchasing practices to generate social and economic value in the communities where it develops and manages real estate assets. In 2021, Dream established an internal Executive Steering Committee and a working group of senior leaders that has undertaken extensive research with regards to social procurement opportunities in the real estate industry. The working group undertook a global scan of best practices for social procurement, looking both inside and outside the real estate industry. Publicly available material from government agencies, universities, and large resource extraction and infrastructure companies was reviewed.
The working group’s efforts led to the creation of our formal Social Procurement Strategy. Through the strategy, MPCT.UN is seeking to support equity-seeking groups by:
- Expanding the diversity of its vendors
- Ensuring it creates employment opportunities
- Providing local community benefits through the use and programming of space in its buildings
To activate the strategy, the working group identified consistent themes and measurable goals finding a balance between making the goals impactful and achievable with the time and resources available. MPCT.UN is among the first in Canada’s private sector to set quantifiable targets to meet social procurement goals by 2025.
Community/NGO partnershipsindigenous engagementsustainable procurement
- 20% of the annual value of all contracts to be awarded to local, independent and/or socially responsible businesses
- 20% of the annual value of all contracts to be awarded to businesses that are majority owned or managed by an equity-seeking group
- 20% of annual jobs created through capital and operating spending to be filled by equity-seeking groups
- 30% of apprentice hours worked on development projects to be by equity-seeking groups
DRM Employee Gender Breakdown(1)(2)
(1) Based on employees of Dream Asset Management Corporation, which includes employees of DRM and MPCT.UN. Does not include employees at Dream recreational properties, employees on unpaid leaves of absence (e.g., permanent disability, long-term disability, parental leave) or interns.
(2) Numbers represented as total headcount, not full time equivalent.
(3) Includes employees at all levels.
(4) Managers include Manager level and above.
(5) 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, DRM links ESG performance to executive and employee goals and compensation.
Women Lead Here
In 2021, for the second consecutive year, Dream Unlimited Corp is a recipient of the Globe and Mail’s “Women Lead Here” award. With 50% of our Board, 50% of our executives,(1)(2)(3) 41% of our managers,(1)(2)(4) and 50% of our employees(1)(2)(5) being women, we are proud to be recognized for our leadership in corporate Canada.
(1) Based on employees of Dream Asset Management Corporation, which includes employees of DRM and MPCT.UN. Does not include employees at Dream recreational properties, employees
on unpaid leaves of absence (e.g., permanent disability, long-term disability, parental leave) or interns.
(2) Numbers represented as total headcount, not full time equivalent.
(3) For the purposes of this Report, Executives include: the Chief Responsible Officer and Chief Financial Officer of DRM.
(4) Managers include Manager level and above.
(5) Includes employees at all levels.
Sustainability at DRM is managed by the following:
-
Chief Responsible Officer
+
Provide oversight of sustainability and ESG at DRM
-
Governance, Environmental and Nominating Committee
+
Oversee approach to environmental, social and governance matters
-
Organization Design and Culture Committee
+
Provide oversight of corporate culture and employee satisfaction
-
Leaders and Mentors Committee
+
Provide oversight of diversity and inclusion at all levels of organization
-
ESG Executive Committee
+
Adopt ESG framework for each Dream entity
Communicate sustainability strategy and commitment across company and key external stakeholders
Delegate implementation to the Sustainability and ESG team
Report to the Governance and Nominating Committee
-
Vice Chair, Development
+
Manage the implementation of sustainable practices in the design of select development projects, including the Distillery District, Broadview Hotel, Canary District and West Don Lands
-
Head of Impact Investments and Strategy
+
Responsible for the execution of Dream’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
+
Oversee and 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
-
Sustainability Working Groups
+
Responsible for advancing sustainability initiatives and activities at company and property level.
Includes four working groups covering the following focus areas: Green Property Operations, Employee Engagement, Tenant Engagement, Reporting and Communications
Includes representatives from central functions, regions and properties
Each group reports monthly to the Sustainability and ESG team
-
Sustainability Manager, Arapahoe Basin Ski Area
+
Manage the implementation of site-specific sustainability plans and objectives
-
Program Manager, Sustainability at Zibi
+
Manage the implementation of site-specific sustainability plans and objectives
Environmental
Update on Arapahoe Basin’s 2025 Sustainability Targets
In 2018, Arapahoe Basin implemented a strategic sustainability plan and road-map to achieve completely carbon neutral operations by 2025. With the implementation of this strategic sustainability plan, and the seven goals highlighted below, A-Basin now has a realistic roadmap to achieve completely carbon neutral operations by 2025.
The sustainability strategic plan established 7 sustainability goals to be achieved in 7 years, by 2025, culminating in becoming a completely carbon free ski area. The 7 goals include:
- Carbon Neutral Operations
- 75% Waste Diversion
- No Net Increase in Water Use
- Lead in Ecosystem Stewardship & Wildlife Management
- 100% Renewable Electricity
- Increase Carpool and Public Transit Participation
- Centralize Purchasing
The new opportunities and ongoing efforts in place continue A-Basin’s march towards achieving carbon neutral operations by 2025. During the 2020-2021 ski and ride season A-Basin crossed the 50% renewable electricity threshold, sourcing more than 54% of total electricity from renewable sources. A-Basin diverted more than 50% of waste from the landfill. Domestic water usage dropped for another year, and stewardship efforts continued our leadership around wildlife and watershed conservation. In an effort to reduce A-Basin’s fuel consumption and transportation-related emissions, a no-idling policy is in place at the ski area. Lastly, A-Basin has a sustainable purchasing policy in place that allows purchasers to spend more to get better, more sustainable products.
Environmental
Reducing waste at Arapahoe Basin
Waste reduction is an accessible way to get involved in sustainable action and a significant focus in the community where Arapahoe Basin operates in Summit County.
- Recycling and composting bins are provided alongside all waste bins
- Staff are encouraged to bring compost and recycling from home
- Unique strategies are employed to divert any and all material we can from the landfill
These efforts all contribute to Arapahoe Basin’s goal of carbon neutral operations by 2025.
Social
The Broadview Hotel
The Broadview Hotel is an example of our social procurement strategy in action. The hotel collaborates with the community to support local artists, social entrepreneurs and independent businesses through the sourcing of various hotel products and services, such as skincare, mini-bar items, vinyl records, coffee and chocolate. This year, we will be expanding to include a specific focus on BIPOC and women-owned businesses.
Social
Indigenous Hub
Canary Block 10 is an innovative development in Toronto’s Canary District that we are working on in partnership with Anishinábe Health Toronto. Canary Block 10 is a mixed-use project that will house the first purpose-built Indigenous Hub in a major North American city. The development will be composed of a 238-unit condominium building, a 206-unit residential rental building, heritage retail space, a community health centre and a mixed-use commercial building that includes a training, education and employment centre, offices for Indigenous-owned businesses and a city daycare. The five-building development will be built to a LEED Gold Standard and draws from Indigenous architectural and design influences to foster a lasting spirit of diversity and inclusivity.rnAnishinábe Health Toronto is a community health centre with the mission to improve the health and well-being of Indigenous People in spirit, mind, emotion and body by providing Traditional Healing within a multi-disciplinary healthcare model.
Sustainability Reports
-
2021 DRM Sustainability Update Report
↗ -
2021 Dream Group of Companies Sustainability Update Report
↗
- Previous years +
-
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.
*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.