Minto Apartment REIT Releases 2022 ESG Report
OTTAWA, ON, Oct. 31, 2023 /CNW/ - Minto Apartment Real Estate Investment Trust (TSX: MI.UN) (the "REIT") today announced the publication of its 2022 Environmental, Social and Governance ("ESG") Report (the "Report"). The Report shares the REIT's progress implementing ESG initiatives and setting targets to further its objectives and goals across all its operations and with all its stakeholders from employees to residents and partners.
"In 2022, we continued to build on our leadership with respect to ESG issues," said Jonathan Li, President and Chief Executive Officer of Minto Apartment REIT. "From the way we treat our employees and residents, to doing the right thing for our communities, the environment, and the future of our business, we have integrated ESG into every aspect of what we do. We're enhancing business resilience through governance structures that incorporate strong ESG dimensions to inform our business practices. We're positively impacting our communities by fostering meaningful connections with the residents we serve and the employees that help us carry out our mission. And we're continuing to reduce our environmental impact, including practices such as reducing our consumption of natural resources which naturally lowers our greenhouse gas emissions while continuing to minimize waste."
"Underlining our commitment to ESG, the REIT participates in the GRESB real estate assessment, which independently provides actionable and transparent environmental, social and governance data to financial market participants," added Mr. Li. "I am pleased to report that we achieved a score of 80 and a GRESB 3-star rating, indicating that we performed better than our peer comparison group and global GRESB averages. We also received a score of 93, Level A rank and ranked first out of 10 in our Canada comparison group in the GRESB Public disclosure Evaluation."
2022 ESG highlights included:
- Investment: Invested $1.7 million in environmental sustainability projects;
- Incentivized high ESG achievement: 50% of individual annual bonus compensation is now tied to performance against ESG objectives;
- Reduced environmental impact: We have reduced our rental portfolio energy intensity by 11% and our carbon emissions by 15% compared to a 2019 benchmark;
- Maintained management diversity: 52% of the REIT's management team members are female; and
- Renewable energy: completed four energy feasibility studies.
The Report adheres to the reporting standards of the Global Reporting Initiative and the Sustainability Accounting Standards Board. It can be found by visiting the REIT's website at www.mintoapartmentreit.com/about/environmental-social-and-governance.
Minto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own, develop and operate income-producing multi-residential properties located in urban markets in Canada. The REIT owns a portfolio of high-quality income-producing multi-residential rental properties located in Toronto, Montreal, Ottawa, Calgary and Edmonton. For more information on Minto Apartment REIT, please visit the REIT's website at: www.mintoapartmentreit.com.
This news release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events and in some cases can be identified by such terms as "will" and "expected". Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR+ at www.sedarplus.com.
SOURCE Minto Apartment Real Estate Income Trust