The Dream group of companies (“Dream”) comprised of DREAM UNLIMITED CORP. (TSX: DRM) (“Dream Unlimited”), DREAM OFFICE REIT (TSX: D.UN) (“Dream Office”), DREAM IMPACT TRUST (TSX: MPCT.UN) (“Dream Impact”), and DREAM INDUSTRIAL REIT (TSX: DIR.UN) (“Dream Industrial”) are proud to announce the release of their Net Zero by 2035 Action Plan report, available here. The report, one of the first of its kind in the Canadian real estate market, highlights Dream’s bold approach to mitigating climate change.
“We see the opportunity to meet the Paris Agreement targets much sooner than 2050 and as a result, we have committed to being net zero by 2035. We believe that our holistic net zero strategy will drive new investment opportunities and create stakeholder value. This year, we have been entrusted by Government partners with the development of two of the largest net zero residential projects in Canada – Quayside and the LeBreton Flats Library Parcel. These, along with Zibi, account for over $6 billion in net zero communities within our development pipeline.” said Michael Cooper, Chief Responsible Officer for Dream Unlimited.
The report serves as an update to the bold, science-based commitments made in 2021, including the commitment to achieving net zero by 2035 and the commitment made by Dream Unlimited, on behalf of Dream Office, Dream Impact and Dream Industrial REIT, to join the Net Zero Asset Managers Initiative, which represents asset managers around the world aligned with net zero targets of 2050 or sooner. The Net Zero Action Plan also outlines the steps we intend to take to get to net zero and how we will measure and verify our progress.
As part of the net zero by 2035 commitment, Dream Unlimited, Dream Impact and Dream Office have committed to net zero scope 1 and 2 and select scope 3 GHG emissions (operational and development) by 2035, and Dream Industrial has committed to net zero scope 1 and 2 GHG emissions (operational and development) by 2035 and net zero select scope 3 GHG emissions (operational) by 2050.
The comprehensive report details Dream’s commitment, targets and milestones, investment and emissions boundaries, actionable delivery strategy, and oversight and transparency plans.
More information on Dream’s sustainability goals, performance, disclosures and initiatives can be found on our sustainability website: www.sustainability.dream.ca.
About Dream Unlimited Corp.
Dream Unlimited 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 $15 billion of assets under management across three Toronto Stock Exchange listed trusts, our private asset management business and numerous partnerships. We also develop land and residential assets in Western Canada. Dream Unlimited expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream Unlimited 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: www.dream.ca.
About Dream Office REIT
Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office is a premier office landlord in downtown Toronto with approximately 3.5 million square feet owned and managed. Dream Office has 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: www.dreamofficereit.ca.
About Dream Impact Trust
Dream Impact Trust 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 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 Industrial REIT
Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at December 31, 2021, Dream Industrial REIT owns, manages and operates a portfolio of 239 industrial assets (351 buildings) comprising approximately 43 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT’s objective is to continue to grow and upgrade the quality of its portfolio which primarily consists of distribution and urban logistics properties and to provide attractive overall returns to its unitholders. For more information, please visit our website at www.dreamindustrialreit.ca.
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as “objective”, “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “target”, “project”, or “continue”, or similar expressions suggesting future outcomes or events. Some of the specific forward-looking information in this press release may include, among other things, our objectives and our ability to achieve our impact and sustainability goals; Dream’s belief that its holistic net zero strategy will drive new investment opportunities and create stakeholder value; our development pipeline, including the value of net zero communities under development; our ability to measure, verify and report on our sustainability goals, performance and initiatives; the steps that Dream intends to take to get to net zero; Dream’s commitments in respect of the Net Zero Asset Managers Initiative; and our expectations regarding reduction of greenhouse gas emissions, including Dream Unlimited’s, Dream Office’s and Dream Impact’s commitments to net zero scope 1 and 2 and select scope 3 GHG emissions by 2035, and Dream Industrial’s commitment to net zero scope 1 and 2 GHG emissions by 2035 and net zero select scope 3 GHG emissions by 2050. 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; geopolitical risks, including war or hostilities between countries, threat of terrorist activities and responses to and results of these activities; 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; 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; the gradual recovery and growth of the general economy continues over the remainder of 2022; 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; interest rates remain stable; there will not be a material change in foreign exchange rates; conditions within the real estate market remain consistent; and competition for and availability of acquisitions remains 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 the Dream group of companies’ filings with securities regulators, including their latest annual information forms and MD&As. These filings are also available at Dream Unlimited’s, Dream Office’s, Dream Industrial’s and Dream Impact Trust’s websites at www.dream.ca, www.dreamofficereit.ca, www.dreamindustrialreit.ca, and www.dreamimpacttrust.ca.
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