Primaris Real Estate Investment Trust has released the publication of its second Environmental, Social & Governance (ESG) Report, in which Primaris outlines its ESG plan and the material ESG factors, governance practices, accomplishments, and metrics that impact its business.
Primaris also presents its inaugural ESG targets. Consistent with the REIT’s financial disclosures, Primaris aims to provide clear and transparent disclosure and communication about the REIT’s business and ESG practices, said the company in a news release.
“Through a substantial amount of work across all our functional departments, Primaris is making great progress against our ESG plan,” said Alex Avery, Chief Executive Officer. “This year we made significant improvements in data collection across the organization, as well as year-over-year reductions to greenhouse gas emissions, and energy and water consumption. This is a testament to our very engaged and experienced property management team who are continuously looking for ways to optimize our properties. Primaris will continue to work to achieve our business and ESG objectives while acting in a manner consistent with our core values, and the best-in-class profile we have created, being a respected and sought-after partner and transaction counterparty, and a preferred place for employees to work.”
ESG Report Highlights
- Governance
- Achieved GRESB 3-star rating in 2024 (scored 80 on a 100-point scale, 15-point improvement);
- Achieved an “A” MSCI ESG Rating, up from “BBB”;
- Developed ESG targets;
- Integrated ESG into employee performance review process;
- Maintained open and direct engagement between Primaris’ Trustees and Primaris’ investors, in the absence of management; and
- 33% of Trustees are female.
- Environmental
- Implemented utility data management software system;
- -4.9% change in like-for-like greenhouse gas (“GHG”) emissions;
- -3.7% change in like-for-like energy consumption;
- -9.0% change in like-for-like water consumption;
- 100% of shopping centres are green building certified; and
- Incorporated green lease language into standard lease form.
- Social
- Obtained an 83% satisfaction score pursuant to its 2023 tenant engagement survey;
- Females comprise of the following:
- 38% of executives;
- 54% of senior management;
- 56% of total employees; and
- Formalized and launched tenant and community engagement program.
In 2024, as part of the ESG Plan, the REIT said it developed ESG targets informed by the material ESG factors and their link to key business performance metrics:
| Metric | Target | Current | Measurement Period |
| Board of Trustee Diversity by Gender | 30% female | 33% female | Annually |
| Absolute GHG Emissions Reduction1 | 25% reduction by 2035 | 4.9% reduction | Against baseline year, 2022 |
| Green Building Certifications | 100% Shopping centres LEED or BOMA BEST certified | 100% | Annually |
| Employee Engagement | ≥85% | 86% | Every 3 years |
| Tenant Satisfaction | ≥85% | 83% | Annually |
| GRESB | ≥80% | 80 points | Annually |
1 This target includes scope 1, 2, and select scope 3 emissions. Select scope 3 emissions includes downstream leased assets such as tenant emissions.
Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in leading enclosed shopping centres located in growing mid-sized markets. The current portfolio totals 13.4 million square feet valued at approximately $4.1 billion at Primaris’ share.
Related Retail Insider stories:
