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Our Goal: Be Among Leaders in Embedding Sustainability Practices

RioCan is pleased to announce that we continue to lead the real estate industry on Environment, Social and Governance (ESG) with the achievement of a 5 Star rating from GRESB for our performance on ESG performance and sustainability best practices. The highest recognition available, this 5 Star rating places RioCan in the top quintile of our North American peers, according to the GRESB Real Estate Assessment. Additionally, RioCan has ranked first amongst Canadian peers in the GRESB Public Disclosure Assessment. RioCan’s exceptional performance reflects our rigorous commitment to embedding ESG and sustainability best practices throughout our business.

We know embedding sustainability improves business value because it:

  • Aligns with our business strategy to own and operate attractive assets in Canada’s major markets;
  • Helps us build for future market expectations, regulatory requirements, and technology opportunities
  • Benefits our communities

As a large Canadian REIT, RioCan strives to lead the industry in having conversations about more sustainable options in the communities where we operate – conversations with all our stakeholders, including customers, tenants, employees, co-owners, investors, planners, regulators, and suppliers.

For more information, please review RioCan’s Sustainability Report and Supplements below.

Green Financing

Raising Funds to Invest in Environmentally Sustainable Projects

RioCan announced the launch of its Green Bond Framework on March 4, 2020. It outlines the types of eligible projects, process to evaluate and select projects, manage the funds and report on progress and impact. Additionally, the Green Bond Framework has received a second-party opinion by Sustainalytics, a global leader in providing ESG research and analysis.

On March 10, 2020 RioCan completed the inaugural Green Bond offering with an issuance of a $350 million, 7- year bond at 2.361% interest rate for net proceeds of $348 million.

Integrating Sustainability Priorities into Decision Making at All Stages of an Asset’s Life Cycle

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1. Strategic Planning

Identify and assess material ESG risks to update the materiality matrix, which ranks key risks in order of importance for the following year.

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2. Acquisitions

RioCan retains a third-party environmental consultant to conduct an environmental review for all acquisitions. In the future, we plan to expand our consideration of ESG factors in the acquisitions due diligence process.

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3. Operations / Asset Management / Leasing

Our Operations and Asset Management departments apply our sustainability and environmental guidelines for operations. They also consider budgeting for sustainability initiatives. Our Leasing department includes green lease clauses to outline our continuous commitment to sustainability through leasing and tenant construction.

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4. Development / Redevelopment / Construction

Once we have selected an asset for renovation or redevelopment, we work with relevant parties to establish sustainability goals, and we apply our sustainability guidelines for development/construction.

RioCan’s Long Term Sustainability Goals:

RioCan’s sustainability strategy includes setting long-term goals on topics such as resource efficiency (energy, water and waste) and GHG emissions, representing key sustainability issues and opportunities our industry faces.

RioCan’s Long-Term Reduction Targets by 2030*


reduction of like-for-like energy use


reduction of like-for-like water consumption


reduction of like-for-like GHG emissions


waste diversion rate

*Targets apply to select RioCan properties.

Sustainability at a Glance

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GRESB Score up

33 points

since 2017

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Highest GRESB Public Disclosure Score

Achieved an “A” disclosure score

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Completed over

124 LED

retrofit projects

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61 BOMA BEST certifications

achieved, representing about 37% of GLA

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42 seminars conducted

to improve awareness on waste management among tenants

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28 community consultations

completed across 10 development projects in advance of project start

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Policy for Sustainable Developments

Developed a policy, plan and set of commitments to embed sustainability in our development and construction processes

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44%of the total management positions are held by women

33% of the Board of Trustees are women

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100% of Property Managers Engaged

in RioCan’s annual environmental questionnaire

AS OF 2019

Our platform for Sustainability Focuses on Three Areas:


Our people are the driving force of our business: tenants, partners, employees and investors. Starting with a safe place to live, work and shop at, we conduct business with integrity and transparency and strive to create mutually beneficial partnerships with our stakeholder groups.

Examples of our commitments to people include:


  • Engaging with our tenants, partners, employees and investors regularly to evaluate and evolve sustainability initiatives
  • Striving for diversity so that our management teams and employee base reflect the diverse communities in which we operate
  • Using sustainability as a platform for employee development, engagement programs and recruitment
  • Collaborating and cooperating with tenants to adhere to joint sustainability goals
  • Educating our stakeholders on how sustainability creates value to the company
  • Engaging our partners in contributing towards our sustainability goals from the onset


We are established pillars of our communities, and as such, our community leadership practices have been created based on our history of investing, operating and developing within each of our communities. RioCan strives to make each of our centres a safe and integral part of the local environment with appropriate lighting in parking lots, presenting a clean and safe space that is accommodating to all staff.

Community leadership builds on our history of investing in the communities where we operate and develop.


Examples of our community commitments include:


  • Acting as community stewards by proactively building relationships with while contributing to the communities in which we operate
  • Supporting our Developments, Construction, Operations, Asset Management and Investment teams to create healthy, resource-efficient and durable buildings by having clear guidelines on sustainability
  • Continuing to give back to our communities by investing in community initiatives that align with our values and sustainability priorities


Environmental sustainability is an integral component of our overall vision for the future. Our leadership aims to minimize the environmental impacts of our properties and developments to ensure a sustainable and clean environment for future generations.

Environmental leadership strives to minimize the environmental impacts of our properties and developments.


Examples of our environmental commitments include:


  • Supporting our properties in embedding sustainable practices by providing standards, guidelines and training

  • Investing in programs and equipment that enhance energy and water efficiency, indoor air quality and minimize waste to landfill

  • Examining the viability of implementing renewable energy at new developments

  • Protecting and enhancing the natural environment, where feasible

Download the report (76 KB)

As part of our pledge for continuous improvement, we have committed to participating in the Global Real Estate Sustainability Benchmark (GRESB) survey.

Proud Supporters of:

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Executive Responsibility & Sustainability Steering Committee

We have a Sustainability Steering Committee comprised of cross functional Executive and Leadership team members to oversee our sustainability strategy implementation and to drive performance improvements. Steering Committee members sponsor and provide guidance on sustainability initiatives within the organization and enable performance measurement. In addition, we have dedicated environmental and sustainability resources to manage day-to-day sustainability strategy implementation.

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