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ESG
Our Commitment

Primaris REIT is committed to achieving our business objectives, while acting in a manner consistent with our core values and commitment to best practices.

ESG
Our Strategy

Steps Included:

1.      Integration into the Board Mandate

2.      ESG Materiality Assessment

3.      Integration into Enterprise Risk Management

4.      Strategic Plan and Implementation Roadmap

ESG Journey

In 2022, Primaris developed a Board-led three-year ESG strategic plan that aligns to the Trust’s mission, vision, values, and business strategy, and supports long-term value creation. The 2023-2025 ESG strategic plan (the “ESG Plan”) identifies Primaris’ key ESG priorities, goals, actions, and performance measures. The ESG Plan will evolve over time as Primaris progresses and adapts to the changing needs of operating and investing environments.

The ESG Plan has evolved over time as Primaris progresses and adapts to the changing needs of operating and investing environments. The ESG Plan focuses on materiality, broad stakeholder perspectives, accountability and measurable results. It is aligned to the ESG standards, frameworks, and potential incoming regulation on which investors concentrate, including the Sustainability Accounting Standards Board (“SASB”) Real Estate Standard (IF-RE), recommendations of the Task Force on Climate-Related Financial Disclosures (“TCFD”), Canadian Sustainability Disclosure Standards (“CSDS”) S1 and S2 standards; and GRESB, the global ESG benchmark for real assets.

Through transparency and measurable action, the ESG Plan is intended to safeguard financial success and reputation. Primaris approached the development of the ESG Plan by first creating a strong governance foundation.

Environment

Social

Governance

Reduce our environmental footprint and use resources efficiently

Be an inclusive employer and landlord of choice, and provide community gathering places

Integrate ESG into our strong governance and disclosure practices

Material ESG Factors

Energy management*

Tenant relations*

Business ethics and transparency*

GHG emissions and climate change*

Employee relations*

Supply chain

Water and waste management

Community relations

Tenant sustainability impacts

Green buildings

*denotes material ESG factors that are core to Primaris

Approach to ESG

Primaris organized the material ESG factors identified in the ESG materiality assessment into three ESG pillars:

Linking ESG to Strategic Pillars

Primaris has a well-articulated business strategy comprised of three pillars:

  • Retailer Affordability

  • Consolidation Opportunity

  • Disciplined Capital Allocation

The REIT’s material ESG factors are strongly linked to business strategy:

Material ESG Factors

Link to Strategic Objectives

Retailer Affordability

Consolidation Opportunity

Capital Allocation

Environment

Energy Management*

⦿

⦿

GHG Emissions & Climate Change*

⦿

⦿

⦿

Water and Waste Management

⦿

⦿

Tenant Sustainability Impacts

⦿

Green Buildings

⦿

⦿

⦿

Social

Tenant Relations*

Employee Relations*

⦿

Community Relations

⦿

Governance

Business Ethics & Transparency*

Supply Chain

⦿

Link to Strategy Objectives: + = Weak Link + + ⦿ = Moderate Link + + = Strong Link

ESG
Environment

Primaris has five material ESG factors under the Environmental pillar – energy management, tenant sustainability impacts, GHG emissions and climate change, green buildings, and water and waste management.

Energy Management

  • Integrate energy considerations into property investment analysis and operational strategy

  • Reduce energy consumption

  • Increase energy efficiency

GHG Emissions & Climate

  • Reduce GHG Emissions

  • Manage climate-related risks

Green Buildings

  • Integrate green building considerations into property investment analysis and operational strategy

  • Increase green building certification levels

Tenant Sustainability Impacts

  • Increase tenant sub-metering

  • Increase tenant engagement in ESG operational initiatives

Water & Waste Management

  • Reduce water use and increase efficiency

  • Reduce waste generation

ESG
Social

Be an inclusive employer and landlord of choice, and provide community gathering places.

Tenant Relations

  • Continuous improvement of tenant engagement and satisfaction

  • Maintain high standards of tenant success

Employee Relations

  • Maintain high standards of employee health, safety and wellbeing

  • Improve employee engagement

  • Enhance employee training

Community Relations

  • Maintain high standards of community engagement

  • Provide community support

ESG
Governance

Integrate ESG into our strong governance and disclosure practices.

Business Ethics & Transparency

Primaris is committed to prudent business ethics and transparency. We work towards achieving best practice in everything we do. Primaris’ Board was formed with all non-management Trustees being independent, each of whom was carefully selected for their specific skill sets and expertise, relevant to our business. Our Board is a tremendous strategic resource to management and investors.

The Board has adopted a written code of business conduct and ethics (the “Code of Conduct”) that applies to all Trustees, officers, and employees of the REIT. The Code of Conduct provides guidelines for maintaining the integrity, reputation, honesty, objectivity and impartiality of the REIT and its agents.

Primaris comprehensive policy library can be found in the investor relations section of the website, under Governance Documents or additional information can be found in our ESG Report.

Supply Chain

The procurement process is an effective way to integrate Primaris’ sustainability-specific requirements into its supply chain and to manage supply chain risks. Primaris’ supply chain engagement program incorporates ESG policies, program review and evaluation, and feedback sessions with stakeholders. Topics covered within the program include business ethics, environmental and human health-based process and product standards, health, safety, wellbeing, labour standards and working conditions. Primaris’ procurement policy applies to external contractors and suppliers.

For More Information

For more information about ESG at Primaris email ESG@primarisreit.com or you can view the 2024 ESG report. Additional information about Primaris REIT has been filed electronically with the Canadian securities regulatory authorities and is available online at www.sedarplus.ca.