CT REIT - Environmental, Social and Governance

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Download our 2023 ESG Report here Check out our 2023 ESG Report

Message from the President and CEO

We are delighted to present CT REIT’s 2023 Environmental, Social, and Governance (“ESG”) report, highlighting our progress, achievements, and priorities as we advance our ESG strategy.

In 2023, CT REIT celebrated the 10th anniversary of its initial public offering. Since that time, we have strived to be Canada’s premier net lease REIT, part of which has included working towards improving outcomes for all of our stakeholders. We recognize that as part of this commitment, we have a responsibility to evaluate and minimize the impact that our business has on the environment, to support the communities in which we operate and to ensure that we maintain good governance practices.

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Kevin Salsberg

President and
Chief Executive Officer

2023 ESG Highlights

Completed construction of our first net zero energy and carbon project, a 350,000 square foot distribution centre in Calgary, Alberta, which received the Canada Green Building Council’s (“CAGBC”) Zero Carbon Building – Design Standard certification.

Adopted a Sustainable Investment Corporate Policy and Checklist to integrate sustainability criteria into management’s due diligence of future acquisitions and development opportunities.

Completed our first report against the Sustainability Accounting Standards Board’s (“SASB”) Real Estate Standard for 2023 in 2024.

Successfully certified eight retail properties to the BOMA BEST Silver building standard.

Achieved over 30% female representation on our Board for the fourth consecutive year.

Donated $50,000 in 2023 and pledged to donate another $50,000 in 2024 to Jumpstart to help build the Pawâtêtân court, an inclusive, universally accessible basketball facility in Saskatoon, Saskatchewan.

CT REIT’S ESG JOURNEY TIMELINE

2013

CT REIT’s Initial Public Offering occurs, with strong governance practices in place.

2016

Acquired the 1.4 million square foot Bolton Distribution Centre. Built with many ground-breaking sustainable features, the state-of-the-art facility achieved LEED Gold certification in 2018 by the Canada Green Building Council.

2017

Between 2017 and 2022, exterior LED retrofits were completed at over 90% of CT REIT-owned properties.

2020

Formed our cross-functional Sustainability Committee, comprised of senior leaders from CT REIT and CTC.

2021

First GRESB submission completed.

Also in 2021:

ESG Materiality Assessment conducted.
First physical Climate Risk Assessment conducted.
Supported HVAC motor retrofits at the majority of the properties in our portfolio from 2020 to 2022, with most retrofits conducted in 2021.

2022

Inaugural ESG Report published outlining our 2021 activities.

Also in 2022:

First public GRESB submission completed.
Donation made in support of the development of a multi-sport court in Welland, Ontario, supporting Jumpstart.

2023

Completed construction of our Net Zero Distribution Centre, which received the Zero Carbon Building – Design Standard certification from the Canada Green Building Council.

Also in 2023:

Achieved BOMA BEST Silver certifications for eight retail properties.
Adopted a Board Diversity Policy.
Adopted a Sustainable Investment Corporate Policy and Checklist.

2024

Completed our first report against the SASB Real Estate Standard for 2023.

Also in 2024:

Working towards developing a decarbonization plan and setting GHG targets to guide our GHG reduction efforts.
Working towards BOMA BEST certifications for up to 12 additional properties.
Implementing a new ESG data management system.

2025 & Beyond

Ongoing development of our ESG strategy, and preparation for compliance with mandatory reporting requirements, including target setting.

Our Approach to ESG

CT REIT focuses its efforts on nine priority ESG topics that are most impactful to our business and the communities in which we operate, and most relevant to our stakeholders. Our priority ESG topics are set out in the figure below, and were identified through a materiality assessment process.

Informed by our priority topics, CT REIT has developed four ESG goals that serve to focus our efforts. Our ESG goals are set out in the figure below. Our ESG goals have been captured in the “Improving Outcomes for Stakeholders” pillar of our Strategic Plan, which has been approved by the Board of Trustees.

As we progress along our ESG journey, we intend to further develop our ESG priority topics and refine, as necessary, our ESG strategy and goals. We continue to monitor regulatory and other developments to inform our ESG strategy, and improve our ability to collect data as we prepare for mandatory disclosure requirements.

Strategic Pillar	Improving Outcomes for Stakeholders
	Environmental	Social	Governance
ESG Goals	Reducing Greenhouse Gas Emissions Minimizing our carbon footprint and supporting CTC’s decarbonization strategy through the development of new stores and distribution centres, as well as by retrofitting existing assets.	Supporting Communities Reinvesting and contributing to the neighbourhoods in which we operate. Developing our Talent Fostering diversity, inclusion and development amongst our people and the Board.	Good Governance Striving for best practices on behalf of all stakeholders.
Priority ESG Topics	Climate Change Sustainable Building Design Operational Efficiency	Community Impact Diversity, Inclusion & Belonging Talent & Culture	Corporate Governance & Risk Management Business Ethics Privacy & Data Security

Strategic Pillar

Improving Outcomes for Stakeholders

Environmental

Social

Governance

ESG Goals

Reducing Greenhouse Gas Emissions

Minimizing our carbon footprint and supporting CTC’s decarbonization strategy through the development of new stores and distribution centres, as well as by retrofitting existing assets.

Supporting Communities

Reinvesting and contributing to the neighbourhoods in which we operate.

Developing our Talent

Fostering diversity, inclusion and development amongst our people and the Board.

Good Governance

Striving for best practices on behalf of all stakeholders.

Priority ESG Topics

Climate Change

Sustainable Building Design

Operational Efficiency

Community Impact

Diversity, Inclusion & Belonging

Talent & Culture

Corporate Governance & Risk Management

Business Ethics

Privacy & Data Security

Land Acknowledgement

We acknowledge that long before Canada was a country, strong nations and cultures existed here – and they continue to exist. The lands on which CT REIT operates, in what is currently known as Canada, have been the site of human activity for 15,000 years. Today, these lands and lakes continue to be home to many First Nations, Inuit and Métis communities from across Turtle Island, also known as North America.

Our head office, located in what is currently known as Toronto, is situated on the traditional territory of the Anishinaabeg, Huron-Wendat and the Haudenosaunee Nations. This location is covered by Treaty 13, signed with the Mississaugas of the Credit, and the Williams Treaties, signed with multiple Mississauga and Chippewa bands. We are grateful that we can live and work here, and we are committed to building and sustaining a relationship with Indigenous peoples based on respect, dignity, trust and cooperation.

At CT REIT, we know that land acknowledgements mark a small but important step in the journey of confronting the truth and working towards reconciliation with Indigenous peoples. While we are in the early stages of our journey, we are committed to acknowledging the truth and advancing reconciliation.

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