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ESG
Our Commitment

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

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*

Tenant sustainability impacts

Employee relations*

Supply chain

GHG emissions and climate change*

Community relations

Green buildings

Water and waste management

*denotes material ESG factors that are core to Primaris

Material ESG Factors

Link to Strategic Objectives

Retailer Affordability

Consolidation Opportunity

Capital Allocation

Environment

Energy Management*

⦿

Tenant Sustainability Impacts

GHG Emissions & Climate Change*

⦿

⦿

⦿

Green Buildings

⦿

⦿

⦿

Water and Waste Management

⦿

Social

Tenant Relations*

Employee Relations*

⦿

Community Relations

⦿

Governance

Business Ethics & Transparency*

Supply Chain

⦿

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

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:

Approach to ESG

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

ESG
Our Strategy

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 focuses on materiality, broad stakeholder perspectives, accountability and measurable results. It is aligned to the ESG standards and frameworks 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”), 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.

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
Our Commitment

Primaris REIT is committed to achieving our business objectives, while acting in a manner consistent with our ingrained values and commitment to best practices. This includes consideration of the impacts our assets and operations have on the environment and the communities where we operate, as well as fostering strong relationships with our employees, tenants, transaction counterparties, and our investors.

To support this commitment, and in addition to adhering to environmental laws and regulations, we have adopted the following three pillars:

Environmental: To reduce our environmental footprint and use resources efficiently.

Social: To be an inclusive employer and landlord of choice, and a community gathering place.

Governance: To integrate ESG into our strong governance and disclosure practices.

Integrate ESG into our strong governance and disclosure practices.

ESG
Governance

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 objective of the Code of Conduct is to provide 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.

Supply Chain

The procurement process is an effective way to integrate Primaris’ sustainability specific requirements into supply chain and to manage supply chain risks.

Reduce our environmental footprint and use resources efficiently.

ESG
Environment

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

Energy Management

  • Integrate energy considerations into property investment analysis and operational strategy

  • Reduce energy consumption

  • Increase energy efficiencies

GHG Emissions & Climate

  • Reduce GHG Emissions

  • Manage climate-related risks

For More Information

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

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 and satisfaction

  • Enhance employee training

  • Increase diversity

Community Relations

  • Maintain high standards of community engagement

  • Provide community support