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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.
www.irent.com
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