RioCan Real Estate Investment Trust Earns Top GRESB Rating and Delivers Key ESG Achievements Toronto Stock Exchange:REI-UN
TORONTO, December 14, 2020 (GLOBE NEWSWIRE) – The RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) is pleased to announce that it has a 5-star rating in the EU achieved the 2020 GRESB Real Estate Assessment with a score of 85. The 2020 score represents a 97% improvement since RioCan’s first submission in 2017. RioCan also received an A rating, the highest GRESB public disclosure -Score ranked number one among its Canadian retail counterparts.
“RioCan has reached a milestone in its ESG journey and has now raised the bar for its Canadian counterparts,” said Dan Winters, GRESB director for America. “In 2020, more than 1,200 real estate companies, REITs, funds and developers with assets of $ 4.8 trillion participated in the GRESB assessment. RioCan’s exceptional performance in this growing contingent is a prime example of the commitment to ESG integration that will drive sustainability in the real estate industry. “
“We launched our sustainability strategy in 2016 with the aim of being among the leading companies by 2020 to integrate ESG practices across the company. RioCan is very proud to have achieved this goal and has given our leadership position top marks in the GRESB survey, ”said Jonathan Gitlin, President and Chief Operating Officer of RioCan. “At RioCan, sustainability is a way of thinking and working. Despite the challenges posed by the global pandemic, RioCan has continued to advance its sustainability initiatives, including targeted efforts to do our part to promote social equality. RioCan continues to strive to embed sustainability in all facets of our business model to add value to our assets and our organization. “
In 2020, RioCan continued its sustainability initiatives. Selected previous achievements are highlighted as follows:
- Became the first Canadian REIT to set up a Green Bond Framework and issue two Green Bonds that were $ 350 million in March 2020 and more recently a $ 500 million offer to fund eligible green projects in line with the RioCan Green Bond Framework brought in.
- Publication of RioCan’s second annual sustainability report, outlining the Trust’s progress towards becoming industry leadership in environmental, social and governance (ESG) issues;
- Recognized by Corporate Knights as Best Real Estate Company among Canada’s Top 50 Corporate Citizens;
- Earned an ESG rating upgrade from Morgan Stanley Capital International (MSCI) for the second year in a row due to improvements in green building certifications and employee management programs.
- Received BOMA Toronto’s 2020 CREST (Commercial Real Estate Trailblazers) award for select RioCan’s properties in recognition of its commitment to promoting operational excellence through improved building performance.
- Received the Outstanding Inhouse Company Diversity & Inclusion Award from Chambers and Partners, a leading international provider of legal research and analysis, for including an ESG goal in every bonus-eligible employee scorecard;
- Establish the RioCan Council on Diversity, Justice and Inclusion (“DEI”) and appoint DEI officers to promote a diverse and inclusive workplace; and
- Signed the BlackNorth CEO Pledge initiated by the Canadian Council of Leaders Against Systemic Racism Against Black.
For more information on RioCan’s ESG efforts, progress and successes, and the RioCan’s Green Bond Framework, please visit the Sustainability page of the RioCan website www.riocan.com under “About”.
RioCan is one of Canada’s largest real estate mutual funds. RioCan owns, manages, and develops retail-oriented, increasingly mixed-use properties in prime, high-density, transit-oriented areas where Canadians want to shop, live and work. As of September 30, 2020, our portfolio includes 221 properties with total rental space of approximately 38.4 million square feet (in the interests of RioCan), including office, rental and 16 development properties. To find out more about us, please visit www.riocan.com.
For more information, please contact: Jonathan Gitlin President & Chief Operating Officer (416) 866-3033