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OTTAWA, ON, June 25, 2024 /CNW/ - InterRent Real Estate Investment Trust (TSX: IIP.UN) ("InterRent" or "the REIT") today released its 2023 Sustainability Report, highlighting the efforts and progress made towards the REIT's sustainability goals and commitments during the 2023 calendar year. The REIT has concurrently issued its first report aligned with the Task Force on Climate-related Financial Disclosures (TCFD) and Climate Transition Plan.
"I'm proud of the collective efforts across InterRent that drove progress toward our environmental, governance and social goals in 2023," commented Brad Cutsey, President & CEO of InterRent. "Our passionate and engaged team members continued to act on our values to uphold our shared commitments to sustainability. Our aim is to position InterRent and our communities to thrive in the future by reducing emissions and meeting our sustainability objectives in a fiscally responsible way, while continuing to provide the high level of service and comfort our residents expect. We are committed to making a meaningful impact through intentional actions in the years ahead. "
Key highlights from the 2023 Sustainability Report include:
- Establishing the Trustee Sustainability Committee as a stand-alone committee at the Board level.
- Providing climate training to the Board of Trustees and all team members.
- Introducing an ISO 50001-aligned Energy Management System.
- Achieving a 5.6% reduction in total like-for-like GHG emissions compared to 2022.
- Developing a systematic approach to incorporate climate change considerations into the REIT's acquisition, disposition and capital allocation strategy.
- Raising $1.7 million from the annual Mike McCann Charity Golf Tournament in partnership with CLV Group, bringing the grand total to $8.2 million.
- Expanding the Diversity, Equity and Inclusion (DEI) Committee to IDEA Committee by including Accessibility considerations.
Also released today is InterRent's TCFD-aligned report, which complements the REIT's sustainability report and addresses its governance structure, strategies, risk management and practices related to climate change. As part of this report, InterRent introduced its first Climate Transition Plan, reflecting its efforts to proactively disclose the REIT's initiatives to help address climate change and enhance its climate resilience. This transition plan is informed by the TCFD and the Transition Plan Taskforce (TPT) framework.
The TCFD is an industry-leading disclosure task force established by the Financial Stability Board (FSB), aimed to develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to lenders, insurers, investors and other stakeholders. More information about TCFD can be found here.
InterRent's 2023 Sustainability Report, TCFD-aligned Report and Climate Transition Plan are available on its website at www.irent.com/en/about-us/sustainability.
ABOUT INTERRENT
InterRent REIT is a growth-oriented real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties.
InterRent's strategy is to expand its portfolio primarily within markets that have exhibited stable market vacancies, sufficient suites available to attain the critical mass necessary to implement an efficient portfolio management structure, and offer opportunities for accretive acquisitions.
InterRent's primary objectives are to use the proven industry experience of the Trustees, Management and Operational Team to: (i) to grow both funds from operations per Unit and net asset value per Unit through investments in a diversified portfolio of multi-residential properties; (ii) to provide Unitholders with sustainable and growing cash distributions, payable monthly; and (iii) to maintain a conservative payout ratio and balance sheet.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE InterRent Real Estate Investment Trust
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