RioCan REIT - Environment, Social and Governance (ESG) Vision & Strategy

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Leading the Way on ESG

RioCan is a leader within the Canadian real estate industry on Environmental, Social and Governance (ESG) best practices. As part of our pledge to continuous improvement, we participate in the GRESB survey every year.

As a real estate investment trust, we shape the future, and as community stewards we have a responsibility to do it right, sustainably, and sensibly.

We strive to lead the industry by initiating conversations about more sustainable options in the communities where we operate – conversations with all our stakeholders, including customers, tenants, employees, co-owners, investors, planners, regulators, and suppliers.

Environmental

Ranked 1st among Canadian peers in the GRESB Real Estate and Disclosure Assessments
Over 65% of the GLA certified under BOMA BEST program as of 2022
Achieved 2022 Green Lease Leader (Gold) recognition
Won BOMA Toronto’s race2reduce CREST Awards for two RioCan sites in 2022

Social

Recognized as one of Canada's Greenest Employers in 2022 as part of Canada's Top 100 Employers project
Hosted the Inclusive Local Economic Diversity Opportunity (ILEO) Community Marketplace to support young entrepreneurs in the Greater Golden Mile in 2022
Achieved WELL Health-Safety Rating for over 3M SF of RioCan's portfolio in 2022
Created a formal role to support RioCan’s DEI program

Governance

New executive compensation program began in 2022
Conducted a comprehensive materiality assessment with key stakeholders and revised ESG strategy
$1.3B allocated to projects that qualify under the green bond framework
RioCan was included in the Canadian Coalition for Good Governance’s 2022 edition of its Best Practices for Proxy Circular

Our ESG Strategy

RioCan is committed to embedding ESG across our business under our Responsible Growth pillar as part of our five-year strategic plan. Our ESG Strategy focuses on the following;

ESG strategy focuses: Resilient Business, Purposeful Impact, Strategic Partnerships

Integrating Sustainability Priorities into Decision Making at All Stages of an Asset’s Life Cycle

1. Strategic Planning

Identify and assess material ESG risks to update the materiality matrix, which ranks key risks in order of importance for the following year.

2. Acquisitions

RioCan retains a third-party environmental consultant to conduct an environmental review for all acquisitions. In the future, we plan to expand our consideration of ESG factors in the due diligence process of all acquisitions.

3. Operations / Asset Management / Leasing

Our Operations and Asset Management departments apply our sustainability and environmental guidelines across our operations. They also consider budgeting for sustainability initiatives. Our Leasing department includes green lease clauses to outline our continuous commitment to sustainability through leasing and tenant construction.

4. Development / Redevelopment / Construction

Once we have selected an asset for renovation or redevelopment, we work with relevant parties to establish sustainability goals, and we apply our sustainability guidelines for development/construction.

We are taking action to drive continuous cultural improvement in our organization by implementing initiatives and setting targets to monitor progress on our ESG objectives and goals.

From our strategic decisions to our interactions – with employees, tenants, partners, those in our supply chain and the communities where we operate and develop – sustainability considerations are embedded in the way we think and do business at RioCan.

Read Our Sustainability Report

Corporate Responsibility ESG Strategy

RioCan is striving to be a leader by embedding sustainability across our business.