Toronto, Ontario, November 22, 2022 – Choice Properties Real Estate Investment Trust (“Choice Properties” or the “Trust”) (TSX: CHP.UN) today announced the release of its inaugural Pathway to Net-Zero Report (the “Net-Zero Report”). The Net-Zero Report details the Trust’s approach to achieving net-zero emissions across its entire portfolio, including scope 1 and 2 emissions and scope 3 emissions from tenant energy use and development activities, by 2050. The release of the Net-Zero Report follows the validation of the Trust’s greenhouse gas (“GHG”) emissions reduction targets by the Science Based Targets initiative (“SBTi”) earlier this year.
“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 of the Trust. Mr. Diamond added, “Our Pathway to Net-Zero Report outlines our commitment and approach to achieving net-zero GHG emissions across our portfolio by 2050 and is a major step forward in our sustainability journey.”
The Net-Zero Report builds on the progress Choice Properties has made since issuing its first emissions reduction targets in 2019, including the following key achievements:
- Reducing same-asset scope 1, 2, and limited scope 3 emissions by 24% in the last three years from a 2019 baseline;
- Releasing the Trust’s Green Financing Framework and issuing $350 million of unsecured debentures in the Trust’s inaugural green bond offering in November 2021;
- Owning over 30 million square feet of space certified under LEED or BOMA BEST as of the end of 2021;
- Becoming one of the first entities in Canada to establish ambitious net-zero emission targets which were validated by SBTi in July 2022;
- Achieving "Prime Status" by the Institutional Shareholder Services for its ESG Corporate Rating in July 2022;
- Submitting the Trust’s first response to the CDP Climate Change Questionnaire in July 2022;
- Improving Choice Properties’ GRESB Standing Investment score to 82, an increase of 4 points from its 2021 score, and achieving a 4-star rating in October 2022; and
- Piloting GHG-reducing technologies including low-carbon concrete, geo-exchange and dual-fuel heating systems, and high-speed electric vehicle charging stations.
Choice Properties is committed to advancing its Environmental, Social and Governance (“ESG”) program, and the issuance of the Net-Zero Report is a significant milestone in furthering the Trust’s Fighting Climate Change ESG pillar. Details on Choice Properties’ ESG program and performance can be found in its 2021 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 2021 ESG Report and Net-Zero Report are available on the Trust’s website at choicereit.ca/sustainability.
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.
Cautionary Statements Regarding Forward-Looking Statements
This news release may contain forward-looking information within the meaning of applicable securities legislation which reflects the Trust’s current expectations regarding future events, including in respect of the Trust’s net-zero GHG emissions targets and the timing and strategy to achieve such targets. Although the Trust believes that the expectations reflected in such forward-looking information are reasonable, the Trust’s ability to achieve its ESG goals, including achieving its net-zero commitments is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information and may require the Trust to adjust its ESG initiatives, activities or plans to reflect a changing landscape. Such risks and uncertainties include, but are not limited to, the Trust’s ability to meet its GHG reductions targets; the availability, accessibility and suitability of comprehensive and high-quality data; the need for active and continued participation of the Trust’s stakeholders; the development of consistent, robust and comparable ESG metrics and methodologies, in particular in respect of climate change; the development and deployment of new technologies and industry-specific solutions; international cooperation; the development of provincial, national and international laws, policies and regulations in respect of ESG matters; and the factors discussed in the Trust’s current Annual Information Form and most recent MD&A.
The forward-looking statements in this news release are presented for the purpose of assisting investors and other stakeholders in understanding our ESG priorities, strategies and objectives, and may not be appropriate for other purposes. Undue reliance should not be placed on the forward-looking information in this news release. The Trust 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 news release are made as of the date hereof and are qualified by these cautionary statements.
For further information:
Chief Financial Officer
Choice Properties REIT