Primaris REIT Publishes Second Annual ESG Report
Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) is excited to announce the release of its second Environmental, Social & Governance (ESG) Report. This year’s report outlines Primaris' comprehensive ESG strategy, detailing significant improvements in various metrics that impact the business, highlighting their commitment to transparency in their practices.
Progress in Environmental Responsibility
According to Alex Avery, Chief Executive Officer, Primaris is making significant strides in implementing its ESG plan. The company has seen meaningful advancements in data collection and achieved impressive reductions in greenhouse gas emissions, energy, and water consumption. Their property management team has played a crucial role in optimizing these measures. Primaris aims to reach its business and ESG goals while upholding its core values and maintaining its reputation as a trusted partner.
ESG Report Highlights
One of the key features of the ESG Report is the comprehensive overview of the various initiatives and accomplishments that Primaris has achieved:
- Governance Initiatives:
- Achieved a GRESB 3-star rating with 80 points, reflecting a 15-point improvement from the previous year.
- Upgraded its MSCI ESG Rating to “A” from “BBB.”
- Established clear ESG targets that integrate into the performance review process of employees.
- Ensured that 33% of the Trustees are female, promoting gender diversity in leadership.
- Environmental Initiatives:
- Implemented advanced utility data management software.
- Reported a 4.9% reduction in greenhouse gas emissions on a like-for-like basis.
- Achieved a 3.7% reduction in energy consumption and 9.0% reduction in water usage.
- 100% of shopping centers are certified green buildings.
- Social Impact:
- Received an impressive 83% satisfaction score from its 2023 tenant engagement survey.
- Promoted gender representation with females making up 38% of executives, 54% of senior management, and 56% of total employees.
- Successfully launched a formalized tenant and community engagement program.
Setting Future ESG Targets
For the future, Primaris has established initial ESG targets that align with essential business performance metrics. These targets reflect the Trust's commitment to sustainability and improvement:
- Board of Trustee Diversity by Gender: Targeting 30% female representation.
- Absolute GHG Emissions Reduction: Aiming for a 25% reduction by 2035.
- Green Building Certifications: Striving for 100% of shopping centers to hold LEED or BOMA BEST certifications.
- Employee Engagement: Setting a goal of 85% engagement in employee surveys.
- Tenant Satisfaction: Aiming for a minimum of 85% satisfaction.
Primaris continues to refine its ESG targets, which are designed to support its overarching business strategy. The Trust believes these elements are crucial for fostering a sustainable future.
About Primaris Real Estate Investment Trust
Primaris is Canada’s only enclosed shopping centre-focused REIT. Its portfolio spans 13.4 million square feet valued at approximately $4.1 billion. The Trust is committed to leveraging its vertically integrated management platform to maximize economies of scale and capitalize on market opportunities as the Canadian retail landscape evolves.
Frequently Asked Questions
What is the primary focus of Primaris REIT's ESG report?
The ESG report highlights Primaris's commitment to environmental responsibility, social governance, and transparency in its operations.
How has Primaris improved its sustainability efforts?
Primaris has implemented effective measures including reductions in energy consumption and greenhouse gas emissions, alongside achieving full green building certifications for its shopping centers.
What are the key metrics in Primaris's ESG targets?
Key metrics include gender diversity within the Board, reduction targets for GHG emissions, and maintaining high tenant satisfaction and employee engagement rates.
What is Primaris's approach to leadership diversity?
Primaris values gender diversity, with 33% of its Trustees being female, reflecting a commitment to inclusive governance.
Where can I access the full ESG report?
The full report is available on Primaris's official website under the ESG overview section.
