RioCan demonstrates leadership in ESG initiatives

TORONTO, Oct. 18, 2022 (GLOBE NEWSWIRE) — RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) is happy to supply an replace on its environmental sustainability initiatives. The Trust can be proud to announce its 2022 GRESB Assessments outcomes and BOMA awards, highlighting the power of its ESG program.

“Responsible stewardship is essential to protecting and maximizing long-term value. Whether they relate to existing assets or developments, our environmental sustainability initiatives are critical in transitioning to a low carbon economy,” mentioned Jonathan Gitlin, President and Chief Executive Officer of RioCan. “RioCan is proud to lead the way in integrating ESG best practices in everything we do. We continue to make progress and it’s an honour to be recognized for our ESG achievements as exemplified by our 2022 GRESB Assessments and recent BOMA awards.”

ESG Recognition

• 2022 GRESB Assessments – RioCan’s 2022 GRESB Assessments noticed above common scores and obtained Regional Sector Leader standing, putting the Trust first amongst its Canadian friends for the Standing Investments Benchmark. For the third successive yr, RioCan obtained the highest ‘A’ score and high rating amongst its Canadian friends for Public Disclosure. For its sophomore GRESB Assessments submission for Developments, RioCan improved its rating by 6% over final yr.
• BOMA Race2Reduce – RioCan was just lately introduced two BOMA Toronto’s race2reduce Commercial Real Estate Trailblazers (CREST) Awards. These BOMA awards acknowledge contributors which have demonstrated continuous dedication to enhance constructing efficiency and cut back emissions. RioCan’s Clarkson Crossing open-air buying centre, in Mississauga, was awarded for Performance Leadership underneath the GHG class and RioCan’s Yonge Sheppard Centre, in Toronto, was awarded for Innovative Excellence.

Environmental Sustainability Initiatives

• Strategic Partnership with Enwave for District Energy and GeoThermal – To speed up RioCan’s capability in designing and growing new websites which can be local weather resilient and low carbon, RioCan and Enwave Energy Corporation (“Enwave”) have established a strategic partnership. The companions will discover sustainable power options and utilities to speed up geothermal or district power tasks at sure of RioCan’s growth tasks. One of the primary tasks underneath this partnership is the roughly 1.3 million sq. foot mixed-use growth undertaking at RioCan Leaside Centre in Toronto. For this undertaking, the companions will incorporate geothermal power methods, an energy-efficient expertise that makes use of far much less power and produces considerably much less greenhouse gases than conventional HVAC methods.

  Enwave is the main district power supplier in North America, finest recognized for working the world-renowned deep lake water cooling system in Toronto, in addition to quite a lot of different district power and geothermal methods. Enwave and RioCan have beforehand partnered in the event of the modern district power and power storage system at The Well™. In addition to the Enwave tasks, RioCan has additionally deployed geothermal expertise on the two rental residential buildings in its Frontier group in Ottawa.

• Solar Technology – RioCan has launched its photo voltaic panel program with a pilot set up on the Trust’s Lawrence Allen Centre (“LAC”) now in design and planning. The power generated by this roof high photo voltaic system will likely be used straight by the property and any extra power generated will present further financial savings by means of credit. Targeted for completion in 2023, this preliminary set up is predicted to generate nearly 454,000 KWh of renewable electrical energy yearly, offering electrical energy consumption financial savings of roughly 16%. Following this pilot, RioCan anticipates scaling photo voltaic panel installations throughout its portfolio at appropriate websites.
• SmartCool ECO3 Technology – To cut back the run time and power consumption of compressors in air-con and refrigeration methods, RioCan has efficiently put in the SmartCool ECO3 expertise at LAC. The ECO3 unit interfaces with current controls and HVAC gear to intercept alerts between the thermostat and compressor to find out the optimum working cycle. Upon set up on LAC’s rooftop, HVAC efficiency knowledge demonstrated a median discount in electrical energy consumption of roughly 24% for cooling. Following this profitable pilot, RioCan plans to develop this initiative to eight further properties over the subsequent two years.

• Battery Storage – RioCan is at present in the ultimate planning phases to put in battery storage at Yonge Eglinton Centre (“YEC”), the 1.1 million sq. toes mixed-use complicated in mid-town Toronto, the place RioCan is head-quartered. This undertaking is predicted to be full by the top of 2023. Storing power in batteries is an environment friendly and sustainable manner to make use of electrical energy captured throughout off-peak hours, when the power grid is the most cost effective and greenest, to be used throughout peak hours. Battery storage helps to stabilize the circulation of electrical energy for a extra versatile and dependable grid and offers price financial savings by avoiding peak hour pricing. Upon completion, battery saved power at YEC is predicted to generate roughly $2.5 million in financial savings primarily based on the present electrical energy pricing curve.

About RioCan

RioCan is certainly one of Canada’s largest actual property funding trusts. RioCan owns, manages and develops retail-focused, more and more mixed-use properties situated in prime, high-density transit-oriented areas the place Canadians wish to store, dwell and work. As at June 30, 2022, our portfolio is comprised of 202 properties with an mixture web leasable space of roughly 35.9 million sq. toes (at RioCan’s curiosity) together with workplace, residential rental and 12 growth properties. To study extra about us, please go to www.riocan.com.

Forward-Looking Information

This News Release incorporates forward-looking data inside the that means of relevant Canadian securities legal guidelines. This data displays RioCan’s goals, its methods to attain these goals, in addition to statements with respect to administration’s beliefs, estimates and intentions regarding anticipated future occasions, outcomes, circumstances, efficiency or expectations that aren’t historic details. Forward-looking data typically may be recognized by means of forward-looking terminology equivalent to “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or related expressions suggesting future outcomes or occasions.

Such forward-looking data displays administration’s present beliefs and is predicated on data at present accessible to administration. All forward-looking data in this News Release is certified by these cautionary statements.

The forward-looking statements contained in this News Release are made as of the date hereof, and shouldn’t be relied upon as representing RioCan’s views as of any date subsequent to the date of this News Release. Management undertakes no obligation, besides as required by relevant legislation, to publicly replace or revise any forward-looking data, whether or not on account of new data, future occasions or in any other case.