Ms. Deborah Starkman of Dream Unlimited reports

THE DREAM GROUP OF COMPANIES PUBLISHES 2022 IMPACT AND SUSTAINABILITY REPORTS

The Dream group of companies, comprising Dream Unlimited Corp., Dream Office REIT, Dream Impact Trust, Dream Industrial REIT and Dream Residential REIT, has released 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(TM) (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.

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.

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.

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.

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.

We seek Safe Harbor.