Climate Change Data

Environmental Metrics

ESG Focus Areas

• Our People
• Our Residents
• Our Innovation
• Our Impact
• Our Governance

Environmental Achievements

• Embrace smarter ways to reduce the environmental impact of our buildings by minimizing both our resource consumption and our carbon footprint. We are dedicated to ensuring that our developments are built to LEED standards and we protect wildlife and biodiversity by creating parks, green spaces and natural ecosystems.

Social Achievements

• Established a $100,000 Residential Hardship Fund to provide emergency assistance and financial relief to residents experiencing unexpected hardship. The fund provided financial assistance to 18 families in seven different markets who were impacted by personal issues (health crisis, job loss, death) or external issues (flooding damage).
• Pay It Forward program, whereby every employee receives $100 annually to give to charity or a person in need.

Governance Achievements

• We proactively understand and manage the risks to our business, while acting in a manner that exemplifies our commitment to ethics, integrity, trust and transparency.
• We are also committed to promoting diversity and gender balance on our Board and on our management team to foster a culture of innovation and inclusion.

Climate Goals & Targets

Environmental Challenges

• margin compression and extended development timelines on certain investments in THP, causing muted fair value gains, and in some cases fair value losses.
• Competition for investor capital is intense and investors are increasingly seeking to manage their own assets or reduce their management fees.

Mitigation Strategies

• Intends to reduce its balance sheet exposure to THP and will consider syndicating or divesting for-sale housing assets to expedite this process.
• Plans to establish a strong operating platform in its U.S. multi-family business and then ultimately raise third-party capital around it (including by potentially syndicating an interest in the U.S. Multi-Family Portfolio) to drive scale, generate recurring fee income and increase shareholders’ return on equity.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• extreme weather, changes in precipitation, flooding, wildfires, hurricanes and rising temperatures

Transition Risks

• changes in federal, provincial, state and local laws based on concerns about climate change

Awards & Recognition

• Rental Development of the Year by the Federation of Rental-housing Providers of Ontario (The Selby)

Environmental Metrics

ESG Focus Areas

• People
• Community well-being
• Innovative technologies and housing solutions
• Sustainable real estate practices
• Responsible governance

Environmental Achievements

• Strives to incorporate green spaces and protect wildlife and biodiversity in master-planned communities
• Looks at ways to minimize waste when redeveloping assets, including refurbishing existing fixtures rather than replacing them

Social Achievements

• Commitment to providing the training and support to enrich employees' lives
• Creating environments that contribute to the well-being of residents and the broader community

Governance Achievements

• Ongoing commitment to responsible governance, with a focus on ethics, integrity, trust and transparency

Climate Goals & Targets

Environmental Challenges

• Rising construction costs and regulation challenges (lengthened municipal permitting and approvals) continue to impede housing development
• Margin compression and extended development timelines

Mitigation Strategies

• Reducing balance sheet exposure to THP and considering syndicating or divesting for-sale housing assets
• Growing THP primarily using third-party capital

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Our People
• Our Residents
• Our Innovation
• Our Impact
• Our Governance

Environmental Achievements

• Viridian master-planned community is a Certified Gold Signature Sanctuary.
• West Don Lands mixed-use development is being built to achieve LEED Gold status.
• Continuous efforts to reduce energy consumption and improve water usage at single-family rental properties.

Social Achievements

• Introduced a "Living wage" program.
• Participated in the BlackNorth initiative.
• Observed Juneteenth holiday.
• Donated to Black Girls Code and Black Boys Code.
• Expanded Residential Hardship Fund.
• Offered to renew many expiring leases at nominal increases or forego rent increases altogether.
• Waived late fees and offered flexible rent deferral plans.
• Halted evictions and offered early termination options.

Governance Achievements

• Established a governance framework including Code of Business Conduct and Ethics and Compliance Manual, whistleblower policy, diversity of leadership, and risk management.

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic and its impact on operations, business, and financial results.
• Softness in demand for U.S. multi-family rental properties due to the COVID-19 pandemic and related economic downturn.
• Slow leasing trends in some U.S. multi-family rental sub-markets.
• Higher bad debt in U.S. multi-family rental properties due to restrictions on evictions.
• Muted demand and increased supply in Toronto rental market.

Mitigation Strategies

• Strong leadership team, diverse sources of recurring cash flow, and flexible liquidity profile.
• Offered lower rents and/or higher concessions to maintain occupancy in U.S. multi-family rental properties.
• Maintained cost control discipline by deferring non-essential capital spending and reviewing service contracts.
• Implemented marketing initiatives and virtual programming events to secure new residents and support renewals in Canadian multi-family rental properties.
• Offered concessions and adjusted lease pricing to maintain occupancy in Canadian multi-family rental properties.
• Financial aid program for residents impacted by COVID-19.

Supply Chain Management

Climate-Related Risks & Opportunities