TORONTO--(BUSINESS WIRE)--The Dream group of companies (“Dream”), comprising DREAM UNLIMITED CORP. (TSX: DRM) (“Dream Unlimited”), DREAM OFFICE REIT (TSX: D.UN) (“Dream Office”), DREAM IMPACT TRUST (TSX: MPCT.UN) (“Dream Impact”), DREAM INDUSTRIAL REIT (TSX: DIR.UN) (“Dream Industrial”) and DREAM RESIDENTIAL REIT (TSX: DRR.U) (“Dream Residential”), are proud to announce the release of their 2022 Impact Report and 2022 Sustainability Report.
“Collectively, our Impact and Sustainability Reports showcase our comprehensive approach to generating profits with purpose. We believe our business can create positive and measurable impacts on people and the planet, create new business opportunities and deliver stakeholder value,” said Michael Cooper, Chief Responsible Officer, Dream Unlimited. “In 2022, we took action to deliver on our net zero commitments, created the Dream Community Foundation and increased the number of affordable units in our pipeline.”
The third annual Impact Report, available here highlights significant progress across three core impact verticals – environmental sustainability and resilience, attainable and affordable housing, and inclusive communities.
Highlights of the 2022 Impact Report include:
- Reporting on select Key Performance Indicators progress using the Dream Impact Management System for $3.9 billion of qualifying impact assets from Dream Impact, Dream Office and Dream Unlimited, as well as the private Dream Impact Fund;
- Continuing operational and capital project programs to reduce greenhouse gas emissions, energy usage and water consumption across the qualifying impact assets by 35%, 41% and 51%, respectively, vs 2019 baselines;
- Increasing the total affordable rental units across the Dream group of companies (including development pipeline) to 2,772, which are projected to save tenants $47.3 million in annual rent (compared to market rents); and
- Providing the first update on the Social Procurement Strategy, showcasing $6.7 million spent on diverse vendors and $22.6 million spent on local vendors, exceeding initial targets for spending on tracked projects for equity-seeking groups and local, independent, and/or socially responsible businesses.
This year’s Sustainability Report, available here is a full update on Dream’s best-in-class approach to Environmental, Social and Governance (“ESG”), and reports on performance, practice and initiatives.
Highlights of the 2022 Sustainability Report include:
- Dream Unlimited, Dream Impact, Dream Office and Dream Industrial publishing their Net Zero by 2035 Action Plan with a detailed implementation plan and interim milestones to reduce Scope 1, Scope 2, and select Scope 3 GHG emissions;
- Dream Unlimited submitting its first progress report to Net Zero Asset Managers initiative with 61% of Dream’s total assets under management committed to be managed in line with net zero by 2035;
- Dream Unlimited being recognized as a three-time honouree of the Globe and Mail’s Report on Business "Women Lead Here" program that benchmarks gender parity (2020, 2021, 2022);
- Increasing alignment with the Task Force on Climate-related Financial Disclosures recommendations by integrating responsibility for ESG and impact matters into Dream’s corporate governance framework;
- Dream Unlimited being certified as a Great Place to Work® (2021, 2022) and named one of Canada’s Best Employers for Recent Graduates in 2022 by The Career Directory, which reflects its commitment to creating a positive work culture for all of its employees;
- Dream Office and Dream Impact earning five-star ratings for the second year in a row in the Global Real Estate Sustainable Benchmark and Dream Industrial participating for the first time and achieving full marks in the Leadership, Policies, Reporting, Targets and Data Monitoring and Review categories;
- Dream Office executing $395 million sustainability-linked revolving facilities with performance requirements tied to greenhouse gas emissions intensity and green building certification achievements;
- Dream Industrial increasing its renewable power portfolio by over 13.6 MW; and
- Dream Residential completing its first environmental data baseline with over 97% data coverage for electricity, natural gas and water utility accounts under its operational control.
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 $24 billion of assets under management across four Toronto Stock Exchange ("TSX") listed trusts, our private asset management business 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. For more information, please visit our website at www.dream.ca.
About Dream Impact Trust
Dream Impact is an open-ended trust dedicated to impact investing. Dream Impact's underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and investment holdings, 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 Dream Impact are to create positive and lasting impacts for our stakeholders through our three impact verticals: environmental sustainability and resilience, attainable and affordable housing, and inclusive communities, while generating attractive returns for investors. For more information, please visit: www.dreamimpacttrust.ca
About Dream Office REIT
Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 3.5 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world. For more information, please visit our website at www.dreamofficereit.ca.
About Dream Industrial REIT
Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at March 31, 2023, Dream Industrial REIT owns, manages and operates a portfolio of 321 assets totalling approximately 70.4 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT’s goal is to deliver strong total returns to its unitholders through secure cash flows underpinned by its high-quality portfolio and an investment grade balance sheet as well as driving growth in its net asset value and cash flow per unit. For more information, please visit www.dreamindustrialreit.ca.
About Dream Residential REIT
Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns an initial portfolio of 16 garden-style multi-residential properties, consisting of 3,432 units primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit www.dreamresidentialreit.ca.
This press release may contain forward-looking information within the meaning of applicable securities legislation, including, among other things, statements regarding our objectives and our strategies to achieve those objectives; our approach to generating profits; our belief that our business can create positive and measurable impacts on people and the planet, create business opportunities and deliver stakeholder value; our ability to achieve our net zero commitments; our development pipeline, including number of affordable units and the resulting projected savings to tenants; our expectations and goals regarding targets to reduce greenhouse gas emissions, energy usage and water consumption, our ability to achieve the milestones set out in the Net Zero by 2035 Action Plan; Dream Unlimited’s expectation that it will generate more recurring income as its urban development properties are completed and held for the long term; Dream Impact’s objective of creating positive and lasting impacts for its stakeholders across its impact verticals while generating returns; and Dream Industrial’s goal of delivering strong returns to its unitholders through secure cashflows and driving growth in its net asset value and cash flow per unit. 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 our control that 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, the risk of adverse global market, economic and political conditions and health crises; risks inherent in the real estate industry; risks relating to investment in development projects; impact investing strategy risk; risks relating to geographic concentration; risks inherent in investments in real estate, mortgages and other loans and development and investment holdings; credit risk and counterparty risk; competition risks; environmental and climate change risks; risks relating to access to capital; interest rate risk; inflation; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, international sanctions and the disruption of movement of goods and services across jurisdictions; risks related to a potential economic slowdown in certain of the jurisdictions in which we operate; the risk of changes in governmental laws and regulations; tax risks; foreign exchange risk; acquisitions risk; and leasing risks. Our objectives and forward-looking statements are based on certain assumptions with respect to each of our markets, including that the general economy remains stable; that interest rates and inflation do not increase materially beyond market expectations; that no unforeseen changes in the legislative and operating framework for our business will occur; that we will meet our future objectives, priorities and growth targets; that we receive the licenses, permits or approvals necessary in connection with our projects; that we will have access to adequate capital to fund our future projects, plans and any potential acquisitions; that we are able to identify high quality investment opportunities and find suitable partners with which to enter into joint ventures or partnerships; that we do not incur any material environmental liabilities; that foreign exchange rates do not materially change beyond market expectations; that conditions within the real estate market remain consistent; and that competition for and availability of acquisitions remain consistent with the current climate. All forward-looking information in this press release speaks as of the date of this press release. Dream 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 contained in our filings with securities regulators, including the latest annual information forms and MD&As of the members of Dream. These filings are also available at Dream Unlimited’s, Dream Impact’s, Dream Office’s, Dream Industrial’s, and Dream Residential’s websites at www.dream.ca, www.dreamimpacttrust.ca, www.dreamofficereit.ca, www.dreamindustrialreit.ca, and www.dreamresidentialreit.ca, respectively.