2024
Impact Report
Maple House at Canary Landing
Toronto, ON
A Note from the Dream Impact Fund Portfolio Manager
In 2024, we continued to embed responsible and sustainable practices across our real estate developments and operations. We pride ourselves on our ability to create communities that generate positive social and environmental impact and deliver value to our stakeholders.
Our investments in sustainable building design and retrofits have resulted in measurable reductions in operational carbon emissions. Across the Dream platform, we expanded our use of low-carbon materials, improved energy performance in our portfolio, and implemented innovative solutions such as district energy systems and low carbon developments. We have made strides to incorporate accessibility, affordability, and social inclusion in our residential and mixed-use projects, through partnerships with community organizations and various levels of government.
Dream has made significant progress working through its pipeline of multi-family developments.
Voda, which is located in Ottawa, Ontario as part of the 34-acre Zibi development, is a 207 unit building which includes living space designated with a co-living concept. As part of our commitment to working with our community partners, during the year, 19 of these units were sold to Ottawa Community Housing to own and operate.
We have also made significant achievements with the Canary Landing community, which is comprised of Maple House, Cherry House, Birch House and Canary House. The community also includes a 26,000sf heritage retail site and an Indigenous Hub which is expected to be completed in 2025.
Notably, the Canary Landing community has nearly 500 units designated as affordable which are completed or are under active construction. This exemplifies Dream's commitment to integrating affordable housing into its developments, while also pursuing our social goals to foster vibrant and inclusive communities, including work done with local non-profits and the Dream Community Foundation.
With the evolving economic landscape, we continue to reassess the goals set out several years ago. However, we are focused on the successes we have achieved in 2024, as highlighted in this Impact Report.
We thank our partners and investors for their continued support.
"Jamie Cooper" Jamie Cooper
Portfolio Manager
Dream Impact Fund June 27, 2025
Dream Impact Report 2024 | 3
Overview
Festibiere event at 15 Joe Montferrand at Zibi
Gatineau, QC
Overview
About the Dream Group of Companies(1)
Dream Unlimited is an award-winning real estate company with $28 billion of assets under management(2)in North America and Europe. Dream Unlimited has an established and successful asset management business across four Toronto Stock Exchange (TSX) listed trusts, numerous partnerships, and our private asset management business including the Dream Impact Fund, which is focused on investing in sustainable assets, affordable housing, and inclusive communities while achieving strong risk-adjusted returns with a predominantly residential focus.
Since 1996, the Dream group of companies' purpose has been to Build Better Communities. ESG and impact are integrated into how we manage our buildings and run our businesses.
Dream Public Entities
Overview
~34,000
condominium and purpose-built rental units in the Dream group portfolio (inclusive of our development pipeline)
4.8 million
sf of gross leasable area (GLA) owned by Dream Office REIT (excluding assets held for sale)
Dream Unlimited Corp. | TSX: DRM
)28 billion
assets under management(2)
Dream Impact Trust | TSX: MPCT.UN
)684.4 million
total assets
Dream Office REIT | TSX: D.UN
)2.6 billion
total assets
71.8 million
sf of GLA owned and managed by Dream Industrial REIT(3)
83 million
sf of commercial/retail GLA across the Dream group portfolio (inclusive of our development pipeline)
Dream Industrial REIT | TSX: DIR.UN
)7 billion
investment properties fair value
Dream Residential REIT | TSX: DRR.U, DRR.UN
US )409.7 million
total assets
As of December 31, 2024, unless otherwise stated. Represents combined total except as otherwise stated.
As of March 31, 2025. Assets under management is a supplementary financial measure in respect of DRM. Please refer to the Specified Financial Measures and Other Disclosures section of this
Report for further information.
Dream Impact Report 2024
Managed properties include assets held by a joint venture between GIC and DIR.UN in which DIR.UN has a 10% interest ("the Dream Summit JV") and U.S. assets held in a private U.S. industrial
fund (the "U.S. Fund"). | 5
Overview
What We Do G Why We Do It
Develop sustainable real estate that optimizes energy use, limits Greenhouse Gas (GHG) emissions, and reduces water and waste usage, while also creating resiliency against natural disasters and major climatic events.
| Invest in and develop mixed-income communities that are transit-oriented, located close to employment opportunities, and support an overall lower relative cost of living with a higher quality of life.
multi-family buildings | Intentionally design and build communities that are inclusive for everyone. This includes creating spaces that encourage mental and physical well-being, foster social connections, and support economic growth.
| |||
We stand behind our objective of Building Better Communities.
IMPACT VERTICAL
Dream's Impact Assets span key locations in Toronto, the Greater Toronto Area, and the National Capital Region and are defined by our comprehensive impact strategy, measured through our three Impact Verticals. The Impact Verticals were created to address some of Canada's largest societal issues and are used as a strategic framework for impact measurement and management across our Impact Assets. The listed outcomes under each Impact Vertical correspond with our reporting metrics and support the United Nations Sustainable Development Goals (SDGs). We view SDG 11: Sustainable Cities and Communities, as our overarching goal with several other SDGs supporting asset level projects and initiatives within our impact investing strategy.
SDGS ALIGNMENT
We believe Dream's impact goals strengthen our ability to generate sustainable returns over the long term and aim to make the communities where we are present a more equitable place.
~)4 billion
in Impact Assets managed across the Dream group of companies(1)
Dream Impact Report 2024
Based on qualified income assets as at December 31, 2024, AUM is a supplementary financial measure in respect of Dream Unlimited Corp. Please refer to the Specified Financial Measure and Other Disclosures section of the Report for further information. This figure includes a select subset of the Dream Group of Companies overall assets that are held within Dream Impact Trust, Dream Office REIT, Dream Unlimited Corp., and
Dream Impact Fund. For the full Dream Impact Asset list refer to page 9 ↗ in this Report. | 6
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