RioCan demonstrates leadership in ESG initiatives and recognition for ESG achievements
October 18 2022 - 8:37AM
RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX:
REI.UN) is pleased to provide an update on its environmental
sustainability initiatives. The Trust is also proud to announce its
2022 GRESB Assessments results and BOMA awards, highlighting the
strength of its ESG program.
“Responsible stewardship is essential to
protecting and maximizing long-term value. Whether they relate to
existing assets or developments, our environmental sustainability
initiatives are critical in transitioning to a low carbon economy,”
said Jonathan Gitlin, President and Chief Executive Officer of
RioCan. “RioCan is proud to lead the way in integrating ESG best
practices in everything we do. We continue to make progress and
it’s an honour to be recognized for our ESG achievements as
exemplified by our 2022 GRESB Assessments and recent BOMA
awards.”
ESG Recognition
- 2022
GRESB Assessments – RioCan’s 2022 GRESB Assessments
saw above average scores and received Regional Sector Leader
status, placing the Trust first amongst its Canadian peers for the
Standing Investments Benchmark. For the third successive year,
RioCan received the top ‘A’ rating and top ranking amongst its
Canadian peers for Public Disclosure. For its sophomore GRESB
Assessments submission for Developments, RioCan improved its score
by 6% over last year.
- BOMA
Race2Reduce – RioCan was recently presented two BOMA
Toronto’s race2reduce Commercial Real Estate Trailblazers (CREST)
Awards. These BOMA awards recognize participants that have
demonstrated continual commitment to improve building performance
and reduce emissions. RioCan’s Clarkson Crossing open-air shopping
centre, in Mississauga, was awarded for Performance Leadership
under the GHG category and RioCan’s Yonge Sheppard Centre, in
Toronto, was awarded for Innovative Excellence.
Environmental Sustainability
Initiatives
-
Strategic Partnership with Enwave for District Energy and
GeoThermal – To accelerate RioCan’s capacity in designing
and developing new sites that are climate resilient and low carbon,
RioCan and Enwave Energy Corporation (“Enwave”)
have established a strategic partnership. The partners will explore
sustainable energy solutions and utilities to accelerate geothermal
or district energy projects at certain of RioCan’s development
projects. One of the first projects under this partnership is the
approximately 1.3 million square foot mixed-use development project
at RioCan Leaside Centre in Toronto. For this project, the partners
will incorporate geothermal energy systems, an energy-efficient
technology that uses far less energy and produces significantly
less greenhouse gases than traditional HVAC systems.Enwave is the
leading district energy provider in North America, best known for
operating the world-renowned deep lake water cooling system in
Toronto, as well as a number of other district energy and
geothermal systems. Enwave and RioCan have previously partnered in
the development of the innovative district energy and energy
storage system at The Well™. In addition to the Enwave projects,
RioCan has also deployed geothermal technology at the two rental
residential buildings in its Frontier community in Ottawa.
-
Electric Vehicle (“EV”) Charging stations – RioCan
has partnered with a global EV Charging provider to install Level 3
EV charging stations at RioCan shopping centres across Canada. With
56 RioCan centres identified, 770 Level 3 EV chargers are
anticipated to be installed and operational by 2026.In addition,
RioCan has engaged LeadingAhead Energy to deploy Level 2 EV
chargers nationwide for 304 more chargers at 56 select RioCan
properties by the end of 2025.
- Solar
Technology – RioCan has launched its solar panel
program with a pilot installation at the Trust’s Lawrence Allen
Centre (“LAC”) now in design and planning. The energy generated by
this roof top solar system will be used directly by the property
and any excess energy generated will provide additional savings
through credits. Targeted for completion in 2023, this initial
install is expected to generate almost 454,000 KWh of renewable
electricity annually, providing electricity consumption savings of
approximately 16%. Following this pilot, RioCan anticipates scaling
solar panel installations across its portfolio at suitable
sites.
-
SmartCool ECO3 Technology – To reduce the run time
and energy consumption of compressors in air conditioning and
refrigeration systems, RioCan has successfully installed the
SmartCool ECO3 technology at LAC. The ECO3 unit interfaces with
existing controls and HVAC equipment to intercept signals between
the thermostat and compressor to determine the optimal operating
cycle. Upon installation on LAC’s rooftop, HVAC performance data
demonstrated an average reduction in electricity consumption of
approximately 24% for cooling. Following this successful pilot,
RioCan plans to expand this initiative to eight additional
properties over the next two years.
- Battery
Storage – RioCan is currently in the final planning stages
to install battery storage at Yonge Eglinton Centre (“YEC”), the
1.1 million square feet mixed-use complex in mid-town Toronto,
where RioCan is head-quartered. This project is expected to be
complete by the end of 2023. Storing energy in batteries is an
efficient and sustainable way to use electricity captured during
off-peak hours, when the energy grid is the cheapest and greenest,
for use during peak hours. Battery storage helps to stabilize the
flow of electricity for a more flexible and reliable grid and
provides cost savings by avoiding peak hour pricing. Upon
completion, battery stored energy at YEC is expected to generate
approximately $2.5 million in savings based on the current
electricity pricing curve.
About RioCan
RioCan is one of Canada’s largest real estate
investment trusts. RioCan owns, manages and develops
retail-focused, increasingly mixed-use properties located in prime,
high-density transit-oriented areas where Canadians want to shop,
live and work. As at June 30, 2022, our portfolio is comprised of
202 properties with an aggregate net leasable area of approximately
35.9 million square feet (at RioCan's interest) including office,
residential rental and 12 development properties. To learn more
about us, please visit www.riocan.com.
Forward-Looking Information
This News Release contains forward-looking
information within the meaning of applicable Canadian securities
laws. This information reflects RioCan’s objectives, its strategies
to achieve those objectives, as well as statements with respect to
management’s beliefs, estimates and intentions concerning
anticipated future events, results, circumstances, performance or
expectations that are not historical facts. Forward-looking
information generally can be identified by the use of
forward-looking terminology such as “outlook”, “objective”, “may”,
“will”, “would”, “expect”, “intend”, “estimate”, “anticipate”,
“believe”, “should”, “plan”, “continue”, or similar expressions
suggesting future outcomes or events.
Such forward-looking information reflects
management’s current beliefs and is based on information currently
available to management. All forward-looking information in this
News Release is qualified by these cautionary statements.
The forward-looking statements contained in this
News Release are made as of the date hereof, and should not be
relied upon as representing RioCan’s views as of any date
subsequent to the date of this News Release. Management undertakes
no obligation, except as required by applicable law, to publicly
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise.
For further information contact:
RioCan Real Estate Investment Trust
Kim Lee
Vice President, Investor Relations
416-646-8326
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