Toronto, Ontario, December 2, 2021 - Choice Properties Real Estate Investment Trust (“Choice Properties” or the “Trust”) (TSX: CHP.UN) today announced its commitment to setting enhanced greenhouse gas emissions reduction targets that are aligned with current climate science, becoming one of the first REITs in Canada to pledge to set science-based targets.
“As one of Canada’s largest landlords and a long-term owner of real estate, we have an important role to play in addressing the greenhouse gas emissions that are contributing to climate change,” said Rael Diamond, President and Chief Executive Officer. Mr. Diamond added, “Our goal of creating enduring value extends beyond the short term, which is aligned with the need to promote a more sustainable future to prevent the effects of climate change in our communities and on our business.”
Choice Properties is committing to set ambitious science-based targets through the Science Based Targets initiative (SBTi) Net-Zero Standard, and expects to do so in 2022. The Trust is pledging to set targets across the entire value chain, including the Trust’s own operational emissions, and those from its tenants and developments (Scope 1, 2, and 3) and establish a pathway to achieve net-zero emissions by 2050. This commitment builds on the progress Choice Properties has made over the past few years since issuing its first emissions reduction targets in 2019. The Trust continues to take meaningful steps to minimize its environmental impact and that of its tenants by improving operational efficiency at income producing properties and embedding sustainable design features such as geothermal technology in new developments.
Details on the Trust’s ESG program and performance can be found in its 2020 Environmental, Social & Governance Report (“ESG Report”) which aligns with leading disclosure standards including the Sustainability Accounting Standards Board (SASB) and Task Force on Climate-Related Financial Disclosures (TCFD). The 2020 ESG Report is available on the Trust’s website: choicereit.ca/sustainability. Further updates on the Trust’s net zero transition will be addressed in future ESG Reports.
About Choice Properties Real Estate Investment Trust
Choice Properties is a leading Real Estate Investment Trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties.
We believe that value comes from creating spaces that improve how our tenants and communities come together to live, work, and connect. We strive to understand the needs of our tenants and manage our properties to the highest standard. We aspire to develop healthy, resilient communities through our dedication to social, economic, and environmental sustainability. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence.
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Choice Properties’ current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Choice Properties’ control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed in Choice Properties’ 2021 Annual Report, current Annual Information Form and 2021 Third Quarter Report. Choice Properties does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements contained in this press release are made as of the date hereof and are qualified by these cautionary statements.
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Chief Financial Officer
Choice Properties REIT