• 29
  • 85.7%
    portfolio occupancy rate including committed(1)(3)
  • 5.4M sf
    of gross leasable area (GLA)(1)(2)
  • 5.3 yrs
    weighted average lease term(1)(3)
Dream Office REIT (TSX:D.UN) is a premier office landlord in downtown Toronto with over 3.5 million square feet owned and managed. D.UN has carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world.
(1) As at September 30, 2022.
(2) Excludes investments in joint ventures which are equity accounted.
(3) Excludes properties under development and joint ventures which are equity accounted.

D.UN is proud to report that 97% of its Canadian properties over 100,000 square feet are BOMA BEST certified with operating standards requiring ongoing management of energy, water and waste. Additionally, D.UN is raising the bar and challenging our sites to achieve a BOMA Gold Certification standard across the portfolio moving forward.

2021 Highlights

  • Best Practices BP Icon
    ESG impact and management

    D.UN, as part of Dream’s overarching agreement with the Canada Infrastructure Bank, received an investment commitment of a $113 million over five years for deep building retrofits at properties across Ontario and Saskatchewan. The investment will reduce emissions by 30% and create 1,500 jobs over 5 years

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    Achieved LEED Gold certification at Sussex Centre in Mississauga, Ontario

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    Health, safety and wellness

    Recognized as Canada’s largest commercial portfolio to earn the WELL Health-Safety Rating

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    Climate change resilience

    Assessed the physical climate risk at each property in D.UN’s portfolio against the following hazards: flooding, wildfire, windstorm, tornado, hailstorm, lightning, and earthquake, using third-party climate data

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    Innovation and technology adoption

    Completed real-time metering projects at 12 properties

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    Carbon and resource efficiency

    350 Bay Street won BOMA Toronto’s 2021 Building Challenge Top Reducer Award as part of the Beyond Earth Hour Challenge

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    Government collaboration

    Joined the City of Toronto Green Will Initiative to support Toronto-based best practices for low carbon buildings and operations

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    Community/NGO partnerships

    Partnered with ArtworxTO, as part of Toronto’s Year of Public Art 2021-2022, to support the Project Reframed Initiative, which aims to highlight and empower local, emerging BIPOC artists. In partnership with ArtworxTO, Dream Office REIT and Dream Unlimited unveiled a seven-storey portrait photograph by emerging artist, Jorian Charlton, in the heart of Toronto’s Financial District

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    Government collaboration

    Recognized as a Green Lease Leader (Gold) by the Institute for Market Transformation and the US Department of Energy Better Buildings Alliance

  • ESG impact and management

    Launched the Net Zero Steering Committee, which includes executive representatives from across the Dream group of companies

  • Valuing employees

    As part of an initiative pursued by the entire Dream Group of Companies, D.UN conducted an employee engagement survey to better understand employee
    satisfaction across a variety of topics

  • Corporate governance

    Achieved a five-star rating, which is a recognition of D.UN’s placement in the top 20% of the GRESB* benchmark

ESG Scorecard

Indicator 2020 2021 YoY% change(2) On track for target Target
Energy consumption (ekWh) 141,298,958 146,268,282 4% 10% reduction by 2025 (vs. 2019 baseline)
Energy intensity (ekWh / sq. ft.) 21.8 22.5 3%
Water Consumption (m3) 274,097 258,502 -6% 10% reduction by 2025 (vs. 2019 baseline)
Water intensity (m3/sq. ft) 0.042 0.039 -7%
GHG Emissions(3)

Scope 1 emissions (tCO2e)

9,121 9,969 9%

Scope 2 emissions (tCO2e)

12,162 10,853 -11%

Total GHG emissions (Scope 1 and 2 tCO2e)

21,283 20,822 -2% 20% reduction by 2025 (vs. 2019 baseline)

GHG emissions intensity (kgCO2e/sf)

3.3 3.21 -3%
Waste to landfill (tonnes) 430 502 17%
Waste diverted (tonnes) 565 315 -44%
Total waste generated (tonnes) 995 817 -18%
Waste diversion 57% 39% -32% see waste note 75% waste diversion by 2025
Certifications and ratings
Percent of portfolio with green building certification 93% 97% 4% 100% certification (any program) of all Canadian office sites by 2025
Percent of eligible portfolio with an energy rating(5) 83% 94% 13%

(1) Unless otherwise stated, each year’s energy, GHG, water, waste, building certification and energy rating data is based on the relevant Canadian properties owned for the full calendar year where D.UN pays the utility bills. Excludes assets that are sold and under developments and major renovations. Co-owned assets are included at 100% of GLA.
(2) GHG emissions are calculated in accordance with the World Resource Institute Greenhouse Gas Protocol. Calculations in this table capture activities D.UN has direct and indirect operational control over:
Scope 1 emissions generated directly from its operations, including heating with D.UN’s properties
Scope 2 emissions indirectly associated with generation of purchased electricity, heating, cooling and steam consumed by properties
(3) Data coverage represents 89% of D.UN’s portfolio in 2019, 80% of D.UN’s portfolio in 2020 and 97% of D.UN’s portfolio in 2021. We continue to strive to improve our data coverage.
(4) Includes 100% of waste generated at Sussex Centre which is a co-owned asset by D.UN and MPCT.UN.
(5) Represents the percentage of portfolio based on sf using ENERGY STAR Portfolio Manager (ESPM).
(6) Includes only employees 100% dedicated to Dream Office REIT 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.
(7) Numbers represented as total head count, 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 graph, Executives include: the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of Dream Office REIT.


D.UN takes pride in working to meet its environmental targets and objectives and creating inclusive, healthy spaces. Prioritizing efficient and livable buildings has always been a core value and connects to D.UN’s mission to Build Better Communities.

36 Toronto’s Net Zero Roadmap

The historically significant 36 Toronto Street was selected for D.UN’s first detailed net zero roadmap as part of the Canada Infrastructure Bank’s (CIB) Commercial Building Retrofits Initiative. This initiative aims to decarbonize and modernize existing buildings and support the low carbon economy. Located just steps away from the core of the Financial District, 36 Toronto Street offers prime Class A office and retail space in a beautifully restored and renovated historical building.
To create a baseline of greenhouse gas (GHG) emissions for 36 Toronto Street, D.UN engaged an independent consultant to verify 2019 emissions, conducted an in-depth GHG audit, created a calibrated energy model using eQuest, and produced a comprehensive ASHRAE Level 2 Energy Audit, including 11+ energy conservation measures for consideration. The energy model became a powerful tool allowing D.UN’s teams to effectively explore the impact of numerous project and system combinations, including evaluating the impact of GHG, energy and water reductions, capital costs, and utility costs savings.

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ESG impact and management
Carbon and resource efficiency

Building Certifications(1)

  • Boma Best Logo
    BOMA BEST certification of
    all Canadian properties
  • LEED Logo
    LEED certified buildings, downtown Toronto
  • Well Health and Safety Logo
    WELL certified buildings

(1) The chart is based on GLA of assets as of December 31, 2021 including all Canadian properties at 100% of GLA.

Key Accomplishments

  • Net Zero Asset Managers logo

    As part of the Dream group of companies’ commitment(1), D.UN, is supporting 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.

  • Principles for Responsible Investment logo

    As part of the Dream group of companies’ commitment, D.UN is supporting the United Nations Principles for Responsible Investing (UN PRI) initiative, 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.

  • Task Force on Climate-Related Financial Disclosures logo

    D.UN 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.

(1) While DRM is the official signatory, D.UN will be an active participant in the reporting to the NZAM initiative and UN PRI as part of the Dream group of companies’ commitment.


D.UN’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.

Return to Operations Plans: Supporting our Tenants to Return to Work Safely

As we continue navigating the COVID-19 pandemic, keeping our tenants safe at work is our number one priority.

Over the last year, we improved tenant-facing Return to Operations plans to help ensure the safe return of tenants to our office buildings. As part of these plans, we’ve prepared our buildings with numerous safety measures to ensure a safe and healthy workplace for our tenants and their employees.

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Health, safety and wellness
Tenant relationships

We have implemented a variety of enhancements including increased cleaning measures, new operational safety checks, building employee PPE, HVAC upgrades, UV lights and behavioural and directional signage. We’ve also acquired some of North America’s leading safety designations including WELL Health-Safety and Post Promise ↗.

D.UN Employee Gender Breakdown

(1) Includes only employees 100% dedicated to DIR.UN and excludes employees on unpaid leaves of absence (e.g., permanent disability, long-term disability, parental leave) and interns.
(2) Numbers represented as total head count, not full time equivalent.
(3) Includes employees at all levels.
(4) Managers include Manager level and above.
(5) The Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of Dream Industrial REIT are employees of Dream Asset Management Corporation. For the purposes of this Report, we are including them under DIR.UN.


As part of the ESG Framework, D.UN links ESG performance to executive and employee goals and compensation.

We are proud to share that D.UN achieved a five-star rating for the second consecutive year in the 2022 Global Real Estate Sustainability Benchmark (GRESB)* real estate assessment. Dream Office REIT achieved an impressive score of 92/100. The 2022 GRESB* real estate assessment covered the reporting period January 1 – December 31, 2021. This score exceeds the GRESB* average of 74/100 and can be attributed to excellent performance in Leadership, Policies, Reporting, Targets and Data Monitoring & Review.

Established in 2009, GRESB* has become the leading ESG benchmark for real estate and infrastructure investments across the world, trusted by 170 institutional and financial investors to inform decision-making and covering USD 6.9 trillion of AUM and 150,000 individual assets.

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Corporate governance

Sustainability at D.UN is managed by the following:

Zibi Boardroom - 30 Adelaide - Toronto, ON
Zibi Boardroom – 30 Adelaide – Toronto, ON

Case Studies

Sustainability Reports

* 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.