2024 Sustainability Report

2024 Sustainability Report

Building Better Communities

02 Dream Unlimited Corp.

Overview page 21

2024 Highlights page 22

ESG Scorecard page 23

04 Dream Office REIT

Overview page 45

2024 Highlights page 46

ESG Scorecard page 47

06 Dream Residential REIT

Overview page 75

2024 Highlights page 76

ESG Scorecard page 77

Impact Pillars page 33

2024 Highlights page 34

ESG Scorecard page 35

Environmental page 36

Social page 40

Governance page 42

2024 Highlights page 60

ESG Scorecard page 61

Environmental page 62

Social page 70

Governance page 72

Information

Specified Financial Measures and Other Disclosures

page 85

Cover image:

Maple House at Canary Landing

Toronto, ON

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Table of Contents

Reading Our Report

About This Report

page 3

page 4

01 Dream Group of Companies

Introduction

Letter

About the Dream Group of Companies ESG Framework

Environmental - Net Zero Action Plan Social

Governance

page 5

page 6

page 7

page 8

page 9

page 11

page 13

For more information on sustainability at

Dream please visit our website.

sustainability.dream.ca

Reading Our Report

This Sustainability Report (the "Report", or "Sustainability Report") is divided into sections comprising each publicly listed Dream entity: Dream Unlimited Corp., Dream Impact Trust, Dream Office Real Estate Investment Trust, Dream Industrial Real Estate Investment Trust and Dream Residential Real Estate Investment Trust. The introduction, and subsequent Environmental, Social and Governance sections focus on the shared net zero strategy, social policies, processes and programs, and governance and risk management for the Dream group of companies.

The remainder of this report focuses on the environmental, social and governance ("ESG") performance and practices of each public entity. Each entity has specific investment objectives and a unique underlying business which drives its ESG initiatives.

We realize the majority of our readers will focus on the entity chapter(s) which coincides with their interests or investments. We have therefore structured this report so each entity chapter can be read on a standalone basis resulting in some repetition across entity chapters.

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About this Report

Other Reporting

For more information on our sustainability and impact initiatives and progress, please refer to our other publications:

2024 Impact Report

Net Zero by 2035 Action Plan

Dream Industrial's Green Use of Proceeds Report 2023

For more information on each of the Dream entities, please refer to their respective

2024 Annual Reports and 2024 Annual Information Forms:

DRM 2024 Annual Report

DRM Annual Information Form

MPCT.UN 2024 Annual Report

MPCT.UN Annual Information Form

D.UN 2024 Annual Report

D.UN Annual Information Form

DIR.UN 2024 Annual Report

DIR.UN Annual Information Form

DRR 2024 Annual Report

DRR Annual Information Form

Our 2024 Sustainability Report discloses the most relevant ESG topics and impacts of our activities for the year ended December 31, 2024. This Report also highlights our 2024 ESG initiatives and accomplishments. Reports from previous years are available on our website. The 2023 Sustainability Report was published in June 2024.

Reporting Scope and Boundaries

This Report encompasses the Dream group of companies. All information and performance data contained in this Report reflects the period from January 1, 2024 to December 31, 2024, unless otherwise stated. All amounts are reported in Canadian dollars unless otherwise stated. Previously reported greenhouse gas ("GHG") emissions for Dream Industrial, and energy and GHG emissions for Dream Residential have been restated as a result of identified corrections.

Approvals

This Report has been approved by the executive teams of each entity as well as their respective boards.

External Assurance

This Report and the information contained within is unaudited. Limited assurance was conducted over select performance metrics for Dream Unlimited, Dream Impact, Dream Office, Dream Industrial, and Dream Residential, which have been identified with the symbol "

" throughout this Report. For more information about the scope of limited assurance, including the select performance metrics and data in scope of the assurance click on the following links: Dream Unlimited , Dream Impact , Dream Office , Dream Industrial , Dream Residential .

Reporting Standards

This Report has been prepared with references to the Global Reporting Initiative ("GRI") Standards. It also includes indicators from the Sustainability Accounting Standards Board ("SASB") Real Estate Standard and addresses the recommendations of the Task Force on Climate-related Financial Disclosures ("TCFD"). In addition, Dream Industrial's disclosures include alignment with the European Public Real Estate Association ("EPRA") Sustainability Best Practices Recommendations ("sBPR") for sustainability reporting. These standards are referenced in the reference tables in our respective ESG Data Book for each entity.

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01

Dream Group of Companies

Brighton

Saskatoon, SK

Dream Group of Companies | 5