TORONTO--(BUSINESS WIRE)--DREAM UNLIMITED CORP. (TSX: DRM) (“Dream Unlimited”) and DREAM IMPACT TRUST (TSX: MPCT.UN) ("MPCT" or the “Trust”), collectively referred to as (“Dream” or “we”) are pleased to announce the appointment of Richard Florida, as Vice-Chair, Impact and Pino Di Mascio as Head, Impact Strategy and Delivery. As we progress on building out Dream’s impact management framework, both appointments play an integral role in the advancement of our impact governance and strategy. As a signatory to the Operating Principles for Impact Management, we remain committed to promoting a transparent and systematic framework, which will be outlined in our inaugural impact report and disclosure statement released in May this year. Dream’s three impact verticals include: Attainable and Affordable Housing, Resource Efficiency and Inclusivity, which are aligned with the United Nations' Sustainable Development Goals (“UN SDGs”).
Mr. Florida is one of the world’s leading urbanists. He is a researcher and professor, serving as a University Professor at the University of Toronto’s School of Cities and Rotman School of Management. He is a writer and journalist, having penned several global best sellers, including the award-winning The Rise of the Creative Class and his most recent book, The New Urban Crisis. He is the co-founder of CityLab, the leading publication devoted to cities and urbanism. Mr. Florida is an entrepreneur, as founder of the Creative Class Group which works closely with companies and governments worldwide and was an advocate at the United Nations for the UN SDG 11 – Sustainable Cities. He received his PhD from Columbia University and Bachelor’s degree from Rutgers University. As a thought leader in the industry, Mr. Florida will provide strategic leadership to the organization on emerging real estate impact strategies. He will also support Dream’s growth plan for this rapidly growing asset class.
Mr. Di Mascio comes to Dream with over 25 years of experience in planning and development, having led and shaped some of the most complex and impactful urban projects in Canada and beyond. He will be joining Dream from Sidewalk Labs, an Alphabet Company, where as Director of Planning and Delivery he has focused on assisting the development community to achieve better environmental and social outcomes through the use of urban innovations. Mr. Di Mascio is a former Partner at Urban Strategies where he helped build one of the world's leading urban planning and design firms. Throughout his career, he has worked with numerous municipalities, developers, institutions, and public-sector land owners and agencies to leverage and manage significant land assets to achieve public policy objectives and maximize impacts. Mr. Di Mascio’s responsibilities at Dream will include the execution of our impact pathways across MPCT’s portfolio, which will include delivering measurable positive outcomes for specific social and environmental goals. He will also work to identify opportunities with external stakeholders and community partners to further advance Dream’s impact initiatives.
“We are extremely excited to have Richard and Pino join our team,” said Michael Cooper, Chief Responsible Officer of Dream Unlimited. “As industry leaders, they will help us continually increase our capabilities in creating and delivering impact through our assets, as we build out real estate impact investing capabilities to augment our track record and position ourselves as a market leader in the impact investing space.”
In February 2021, MPCT closed on two income properties located in downtown Toronto for a total purchase price of $31.8 million. The two properties, which in aggregate comprise 55,000 square feet, are designated as impact investments aligned with the Trust’s three impact verticals. At both properties we have established a preliminary impact strategy which will be built out over time. Our resource efficiency strategy includes reducing our Scope 1, 2, and 3 greenhouse gas (“GHG”) emissions. We anticipate capital expenditures over the next twelve months will result in a minimum 20% reduction of GHG emissions over our baseline acquisition year with further reductions thereafter. Through education, training & engagement initiatives, we will target a goal of 70% diversion of waste from landfill by 2025. Once completed, these income properties will be best-in-class, stabilized boutique office buildings in one of Canada’s most desirable neighborhoods and will contribute to the Trust’s stabilized cash flow.
Senior management of Dream Unlimited will host a conference call on February 24, 2021 at 2:00 pm (ET). To access the call, please dial 1-888-465-5079 in Canada or 416-216-4169 elsewhere and use passcode 7566 170#. To access the conference call via webcast, please go to Dream’s website at www.dream.ca and click on Calendar of Events in the News and Events section. A taped replay of the conference call and the webcast will be available for 90 days.
Senior management of MPCT will host a conference call on Thursday, February 25, 2021 at 10:30am (ET). To access the call, please dial 1-888-465-5079 in Canada or 1-416-216-4169 elsewhere and use passcode 5599 741#. To access the conference call via webcast, please go to Dream Impact's website at www.dreamimpacttrust.ca and click on Calendar of Events in the News and Events section. A taped replay of the conference call and the webcast will be available for 90 days.
About Dream Unlimited Corp.
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 $10 billion of assets under management across three Toronto Stock Exchange ("TSX") listed trusts and numerous partnerships. We also develop land and residential assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities.
About Dream Impact Trust
Dream Impact is an open-ended trust dedicated to impact investing. Impact investing is the intention of creating measurable positive, social and environmental change in our communities and for our stakeholders, while generating attractive market returns. Dream Impact's underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and recurring income, that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to create positive and lasting impacts for our stakeholders through our three impact verticals: attainable and affordable housing, inclusive communities, and resource efficiency; balance growth and stability of the portfolio, increasing cash flow, unitholders' equity and NAV over time; leverage access to an experienced management team and strong partnerships in order to generate attractive returns for investors; provide investors with a portfolio of high-quality real estate development opportunities, concentrated in core geographic markets; and to provide predictable cash distributions to unitholders on a tax-efficient basis.
This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements relating to our impact goals and strategies, our specific sustainability targets for the properties described in this press release (the “Properties”), the Properties’ contribution to our stabilized cash flow in future periods, and the timing of our inaugural impact report and disclosure statement. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: adverse changes in general economic and market conditions; the impact of the novel coronavirus (COVID-19) pandemic on the Trust; changes to the regulatory environment; environmental risks; local real estate conditions, including the development of properties in close proximity to the Trust’s properties and changes in real estate values; timely leasing of vacant space and re-leasing of occupied space upon expiration; dependence on tenants’ and borrowers’ financial condition; the uncertainties of acquisition activity; dependence on our partners in the development, construction and operation of our real estate projects; uncertainty surrounding the development and construction of new projects and delays and cost overruns in the design, development, construction and operation of projects; our ability to execute on our strategic plans and meet financial obligations; interest and mortgage rates and regulations; inflation; availability of equity and debt financing; foreign exchange fluctuations. All forward-looking information in this press release speaks as of February 24, 2021. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). These filings are also available at the Trust’s website at www.dreamimpacttrust.ca.