2024 Highlights
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90
Scored 90/100 in the 2024 GRESB(1) Real Estate Assessment and Placed 3rd out of 10 in the North American Office Comparison Group in the 2024 GRESB Public Disclosure
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Advocate level
Recognition achieved under the City of Toronto’s Green Will Initiative program
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Award for Innovative Excellence
Winner of the Building Operators and Managers Association (“BOMA”) CREST Award for Innovative Excellence for 30 Adelaide Street East and Emission Reduction (Office under 100,000 sf) for 360 Bay
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Energy Manager of the Year
Sumit Khatri and Tugrul Kodaz received the “Energy Manager of the Year 2024” award from Energy Manager Canada
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Platinum Team Transaction
Received the Green Lease Leaders Award in 2024 under the category Platinum Team Transaction
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9.3 (Negligible)
Sustainalytics(2)(3) ESG Risk Rating (0-40+; 0 = best)
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97%
of Dream Office’s Canadian properties over 100,000 sf are certified by BOMA BEST with operating standards requiring ongoing management of energy, water, and waste.
(1) 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.
(2) As at December 31, 2024.
(3) Copyright © 2024 Morningstar Sustainalytics. All rights reserved. This section 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.
ESG Scorecard
Indicator | 2019 Baseline | 2023 | 2024 | YoY% Change | % Change from Baseline |
Energy | |||||
Total energy consumption – Absolute (GJ) | 636,525 | 468,191 | 465,339 | ||
Total Energy Consumption – Intensity (GJ/sf)(3) | 0.12 | 0.09 | 0.09 | -3% | -24% |
Water | |||||
Total Water Consumption – Absolute (m³) | 448,106 | 288,951 | 303,448 | ||
Total Water Consumption – Intensity (m³/sf)(3) | 0.083 | 0.057 | 0.058 | 2% | -30% |
GHG Emissions(4) | |||||
GHG Emissions (Scope 1 and 2) – Absolute (tCO₂e) | 26,067 | 17,656 | 18,353 | ||
GHG Emissions (Scope 1 and 2) – Intensity(3) | 4.83 | 3.46 | 3.52 | 2% | -27% |
Waste | |||||
Total Waste Generation (tonnes) | 1,213 | 1,602 | 2,078 | ||
Waste Diversion Rate(3) | 44% | 32% | 47% | 47% | 7% |
Certifications and Ratings | |||||
Percent of Portfolio with Green Building Certification | 96% | 97% | 97% | 6% | 1% |
Indicator | 2022 | 2023 | 2024 |
Employees(7)(10) | 241 | 231 | 229 |
Women employees(7) | 43% | 42% | 44% |
Women managers(8) | 45% | 45% | 47% |
Women executives(9) | – | – | – |
Indicator | 2022 | 2023 | 2024 |
Women Directors | 57% | 57% | 57% |
Independent Directors | 71% | 71% | 71% |
(1) Unless otherwise stated, each year’s energy, scope 1 & scope 2 GHG emissions, water, and waste data is based on the relevant owned-Canadian properties where D.UN has operational control. Excludes assets that are under development and major renovations. Co-owned assets (such as Sussex Center) are included at 100% of GLA. For the US portfolio, please refer to the ESG Data Book.
(2) Please refer to the ESG Data Book for more information, including data coverage and sources of emission factors.
(3) Includes assets (at 100% of GLA) owned for the full year.
(4) GHG emissions are calculated in accordance with the World Resource Institute Greenhouse Gas Protocol. This includes emissions from activities under D.UN’s direct and indirect operational control: Scope 1 emissions generated directly from its operations, including heating at the properties. Scope 2 emissions indirectly associated with the consumption of purchased electricity, heating, cooling, and steam. The comparative periods are not presented using the emission factors included in the updated 2025 National Inventory Report, published on May 16, 2025. As such, trends in emissions may be impacted.
(5) Includes only employees 100% dedicated to D.UN and shared services functions for the Dream entities. Excludes employees on unpaid leaves of absence (e.g., permanent disability, long-term disability, parental leave) and interns.
(6) As at December 31, 2024.
(7) Includes employees at all levels.
(8) Includes managers and above.
(9) For the purposes of this report, executives include: the Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer of D.UN.
(10) Numbers represented as total headcount, not full-time equivalent.
Sustainability and ESG-related matters at
Dream Office are managed by the following:(1)
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Board of Trustees
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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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Chief Executive 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 and Chief Operating Officer to provide leadership over the sustainability strategy and oversee adoption of the ESG Framework
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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
Communicate sustainability strategy across the company and to key external stakeholders
Delegate implementation to Sustainability and ESG team
Report 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 initiatives
Meet quarterly with the ESG Operating Committee
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Sustainability Working Groups (currently includes the Employee Engagement working group)
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Advance 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.
Occupancy Based Controls at 6 Adelaide
Once Toronto’s tallest commercial tower, The Lumsden Tower at 6 Adelaide Street, built in 1910, juxtaposes towering financial structures with its historic façade. Despite its vintage appearance, it houses some of the most prominent office tenants, including major financial institutions. This heritage building has maintained its reputation as a hub for business activity.
In 2024, a pilot project was launched to integrate the newly revitalized BAS system with the floor-level occupancy sensors for lighting control – a solution that enabled reaction-based lighting and HVAC functionality based on realtime occupancy data.
This innovative, non-invasive software solution is projected to achieve a payback period of just 2.8 years and reduce tenants’ utility expenses. Building on its success and scalability, the solution will be implemented across the remaining five floors of the building.

Case Studies
Sustainability Reports
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Previous years
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2023 Dream Sustainability Report
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2022 D.UN Sustainability Report
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2022 Dream Group of Companies Sustainability Report
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2021 D.UN Sustainability Update Report
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2021 Dream Group of Companies Sustainability Update Report
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2020-2021 D.UN Sustainability Report
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2020 – 2021 Dream Group of Companies Sustainability Report
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2019 D.UN Sustainability Report
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2019 Dream Group of Companies Sustainability Report
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Policies
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Declaration of Trust
Dream Office REIT’s Declaration of Trust governs our operations and includes such topics as investment guidelines and operating policies, financing restrictions, units and distributions, and the responsibilities and obligations of the Trustees.
Disclosure PolicyThe objective of our disclosure policy is to ensure that communications to the investing public about Dream Office REIT are timely, factual and accurate, and disseminated in accordance with all applicable legal and regulatory requirements. The policy covers topics including trading restrictions and blackout periods, confidentiality, and designated spokespersons. This policy applies to all trustees, officers and employees of Dream Office REIT and its subsidiaries, including trusts and partnerships in which Dream Office REIT owns directly or indirectly at least a 50% equity interest.
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 trustees, officers and employees of Dream Office REIT and subsidiaries.
Whistleblower PolicyAt Dream Office REIT, 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 Office REIT 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 Trust has a majority voting policy, requiring that each Trustee nominee receive the support of a majority of the total number of votes cast by the unitholders entitled to elect such Trustee nominee, failing which such Trustee 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 trustees 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 trustees.
* All intellectual property rights to this data belong exclusively to GRESB B.V. All right reserved. GRESB B.V. has no liability to any person (inclusing 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.