G4-DMA Energy disclosures on management approach Sustainability .... We formalized our compliance management ..... polic
Overview | Lorem
THE VALUE OF
REAL ADVICE 2014 ANNUAL REVIEW
Overview | Lorem
Overview
HOW TO USE THIS REPORT
Overview
Our Approach Business Performance
GRI CRE3 Business Integrity This report is an interactive PDF and is intended to be viewed with Adobe Reader and an Internet connection. Investments and Development Operational Excellence This new format saves paper and makes it easy for readers to access supplementary online information. The Environmental Performance Overview PDF can also be viewed offline, but any external material will not be accessible. Employer of Choice
Overview | Lorem
Our Approach Business Performance
Our Approach
Data Tables
Data Tables
Business Performance Business Integrity
About This Report
Overview | Lorem
Value Creation Operational Excellence Sustainability
GRI Index
GRI Index
Overview
Overview |Our Lorem Approach
Employer of Choice
GRI
Business Integrity Value Creation Operational Excellence
Sustainability is fundamental to operating higheffihighcient and low-impact buildings. Sustainabilityperforming, is fundamental to operating performing, efficient and low-impact buildings. Managing the environmental impacts of our buildings Managing the environmental impacts of our buildings helps to control our costs and those of our tenants, helps to control our costs and those of our tenants, contributes to preserving the environment, and further protects and grows the value of our to clients’ assets. contributes preserving the environment, and further protects and grows the value of our clients’ assets.
Sustainability Employer of Choice
About This Report Our Approach NAVIGATION GRI Index Business Performance The web-like
CRE3
SUSTAINABILITY
Business Performance
Data Tables
Overview
SUSTAINABILITY
DISCLOSURE KEYS GRI icons appear at the top of relevant pages. Click to view the full GRI Index.
About This Report
GRI CRE3
Data Tables About This Report
BACK AND FORWARD Navigate with the Westmount Corporate Campus, Calgary, AB page back and forward icons or click the menu symbol to go to the table of contents.
SUSTAINABILITY
GRI Index
Business Integrity
navigation provides access to Operationaleasy Excellence Sustainability content. Value Creation
Employer of Choice
Westmount Corporate Campus, Calgary, AB
GWL Realty Advisors | 2014 Annual Review
Data Tables
25
Sustainability is fundamental to operating highperforming, efficient and low-impact buildings. About This Report CLASSIC METHOD SELECTIVE METHOD Managing the environmental impacts of our buildings GRI Index You can read the report from cover to cover like a regular book. Simply click Youcosts can also straight specific topics by using the web-like navigation on helps to control our and go those of ourtotenants, Westmount Corporate Campus, Calgary, AB on the arrow keys in the bottom left-hand corner of each page. contributes to preserving the left-hand side of the page, by clicking the menu key in the bottom leftthe environment, and or further GWL Realty Advisors | 2014 Annual Review 25 protects and grows thecorner. value of our clients’ assets. hand
Data Tables
GRI Index
19 | DMA-EN | EN6 | EN19 | CRE1 | CRE2 | CRE3
Management and Performance
Our Approach
Our Sustainability Team helps to guide environmental conservation programming, including data collection, analysis and reporting activities as they relate to energy, water, waste and greenhouse gas (GHG) emissions management. These activities are tracked and reviewed on a quarterly basis by the Sustainability Steering Committee at meetings where continuous improvement efforts are discussed and prioritized.
Business Performance Business Integrity Value Creation Operational Excellence Employer of Choice
By setting targets, driving reductions and measuring results, we demonstrate that environmental sustainability is good management, enabling us to improve building performance and efficiency.
2014 ACHIEVEMENTS
2015 ACTIONS
Business Integrity
Reduce energy consumption while maintaining tenant comfort
Reduced energy intensity by 7% since 2007
Establish a five-year energy reduction target using 2013 as the baseline year
Sustainability
Waste Reduction
Reduce waste to landfill and increase diversion rates
Reduced waste intensity by 35% since 2007
Establish a five-year waste reduction target using 2013 as the baseline year
Water Management
Reduce water consumption
Reduced water intensity by 21% since 2007
Carbon Monitoring and Measurement
Reduce our carbon footprint
Reduced our carbon footprint by 22% and our emissions intensity by 27% since 2007, avoiding 76,534 tonnes of CO2e
GHG Emissions Intensity
Data Tables
Establish programs to support our five-year water reduction target
27%
10 8 6 4 2 0
About This Report GRI Index
CO2
12
Value Creation Operational Excellence Employer of Choice
Established a water benchmark for office assets and set a five-year water reduction target of 8.4% using 2013 as the baseline year
GRI Index
EN5 | EN6 | EN8 | EN15 | EN16 | EN17 | EN18 | EN19 | EN23 | CRE1 | CRE2 | CRE3
Sustainability Performance at a Glance (2007–2014)
Our Approach Business Performance
OBJECTIVE
Energy Efficiency
Data Tables About This Report
GRI
Business Performance | Sustainability
Overview
PRIORITY
Sustainability
Sustainability is fundamental to operating highperforming, efficient and low-impact buildings. Managing the environmental impacts of our buildings helps to control our costs and those of our tenants, contributes to preserving the environment, and further protects and grows the value of our clients’ assets.
About This Report
GRI
Overview
07
08
09
10
09
10
11
12
13
14
11
12
13
14
decrease in GHG emissions intensity (Scope 1, 2 and 3)
Employer of Choice
0
07
08
09
10
11
12
13
OBJECTIVE
2014 ACHIEVEMENTS
2015 ACTIONS
Energy Efficiency
Reduce energy consumption while maintaining tenant comfort
Reduced energy intensity by 7% since 2007
Establish a five-year energy reduction target using 2013 as the baseline year
Waste Reduction
Reduce waste to landfill and increase diversion rates
Reduced waste intensity by 35% since 2007
Establish a five-year waste reduction target using 2013 as the baseline year
About This Report
Water Management
Reduce water consumption
Reduced water intensity by 21% since 2007
Carbon Monitoring and Measurement
Reduce our carbon footprint
80 60
decrease in water intensity
40 20 07
08
31%
25 20 15
decrease in waste
10 5 0
07
08
Year
09
10
11
12
13
GRI
Overview
Reduced our carbon footprint by 22% and our emissions intensity by 27% since 2007, avoiding 76,534 tonnes of CO2e
Our Approach
SUSTAINABILITY
Business Integrity Value Creation Operational Excellence Sustainability Employer of Choice
Business Performance Data Tables About This Report GRI Index
Data Tables
Establish programs to support our five-year water reduction target
Sustainability is fundamental to operating highperforming, efficient and low-impact buildings. Managing the environmental impacts of our buildings helps to control our costs and those of our tenants, contributes to preserving the environment, and further protects and grows the value of our clients’ assets.
About This Report GRI Index
Establish a five-year carbon reduction target using 2013 as the baseline year
GRI
GRI Index
CRE3
Our Approach Business Performance
Established a water benchmark for office assets and set a five-year water reduction target of 8.4% using 2013 as the baseline year
GRI Index
30
21%
100
Overview | Lorem
Overview
PRIORITY
Data Tables
14
Year
Landfill Waste and Recyclables
140
0
Operational Excellence Sustainability
decrease in energy intensity
10
Year
Water Intensity 120
Establish a five-year carbon reduction target using 2013 as the baseline year
Our Sustainability Team helps to guide environmental conservation programming, including data collection, analysis and reporting activities as they relate to energy, water, waste and greenhouse gas (GHG) emissions management. These activities are tracked and reviewed on a quarterly basis by the Sustainability Steering Committee at meetings where continuous improvement efforts are discussed and prioritized.
Value Creation
7%
19 | DMA-EN | EN6 | EN19 | CRE1 | CRE2 | CRE3
Management and Performance
Our Approach
Business Integrity
40
30
20
GRI
Business Performance | Sustainability
Overview
Business Performance
Energy Intensity
Intensity (ekWh/ft2)
Employer of Choice
(000s tonnes)
Value Creation Operational Excellence Sustainability
Business Performance | Sustainability
CRE3
SUSTAINABILITY
Business Integrity
Intensity (tCO2e/1,000 ft2)
GRI
Our Approach Business Performance
Intensity (litres/ft2)
Overview | Lorem
Overview
SPECIFIC STANDARD DISCLOSURES
Direct economic value generated and distributed
G4-DMA Indirect economic impacts disclosures on management approach G4-EC7
Development and impact of infrastructure investments
G4-EC8
Significant indirect economic impacts
G4-DMA Procurement practices disclosures on management approach
Pages
Performance Highlights, Data Tables
6-7, 41
Value Creation
19-20
Value Creation
32
Explanations/Omissions
19-20
Value Creation
19-20
Business Integrity
16
ENVIRONMENTAL G4-DMA Environment disclosures on management approach
Sustainability
26
G4-DMA Energy disclosures on management approach
Sustainability
28
G4-EN3
Energy consumption within the organization
G4-EN5
Energy intensity
G4-EN6
Reduction of energy consumption
G4-DMA Water disclosures on management approach G4-EN8
Total water withdrawal
G4-DMA Greenhouse gas (GHG) emissions disclosures on management approach
14
Year
Sections
ECONOMIC G4-EC1
Data Tables Sustainability, Data Tables Sustainability Sustainability Sustainability, Data Tables Sustainability
G4-EN15 Direct GHG emissions (Scope 1)
Sustainability, Data Tables
G4-EN16 Energy indirect GHG emissions (Scope 2)
Sustainability, Data Tables
34 27, 34 26-27 28 27, 35 28 27, 33 27, 33
Landfill waste Recyclables
Westmount Corporate Campus, Calgary, AB
Westmount Corporate Campus, Calgary, AB
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GWL Realty Advisors | 2014 Annual Review
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Westmount Corporate Campus, Calgary, AB
GWL Realty Advisors | 2014 Annual Review
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GWL Realty Advisors | 2014 Annual Review
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GWL Realty Advisors | 2014 Annual Review
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GWL Realty Advisors | 2014 Annual Review
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GWL Realty Advisors | 2014 Annual Review
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Overview Our Approach Business Performance Data Tables About This Report
INSIDE THIS REPORT We are taking a new approach to our annual review. This year, we have prepared an integrated report to better inform our readers about our performance, demonstrating how both financial and nonfinancial aspects of our business enable us to create sustainable long-term value for our stakeholders. The report content was guided by the International Integrated Reporting Council Framework and the Global Reporting Initiative G4 Sustainability Reporting Guidelines. For more information, refer to the “About This Report” section.
GRI Index
OVERVIEW President’s Message Performance Highlights Business Highlights Awards and Industry Memberships Who We Are/What We Do
4 6 8 9 10
OUR APPROACH Vision and Strategy Responsible Management Stakeholder Engagement
11 12 13
BUSINESS PERFORMANCE
Stock Exchange Tower, Calgary, AB
9500 Glenlyon Pkwy., Burnaby, BC
Business Integrity Value Creation Operational Excellence Sustainability Employer of Choice
14 17 21 25 29
DATA TABLES
33
ABOUT THIS REPORT
42
GRI INDEX
43
GWL Realty Advisors | 2014 Annual Review
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GRI 1
Overview
Overview President’s Message
Performance Highlights
Who We Are/What We Do
Business Highlights Awards and Industry Memberships
Our Approach Business Performance Data Tables About This Report GRI Index
PRESIDENT’S MESSAGE It’s been seven years since we issued our first greenhouse gas emissions report and 10 years since we built our first Habitat for Humanity home. These examples of corporate social responsibility are simply what I define as “doing the right thing” for our clients, employees, communities and the planet. Being accountable for our actions builds trust and that has always been an integral part of who we are and how we do business. This year, to provide a more complete picture of the value we deliver to our stakeholders, we are expanding our annual review to communicate our 2014 financial performance and what we are doing as a company to help ensure a resilient and sustainable business for the future.
Our disciplined approach to managing the Canadian Real Estate Investment Fund No. 1 and the London Life Real Estate Fund resulted in another year of strong performance for our clients. This year, the Funds delivered gross returns of 7.4% and 6.0%, respectively.
A Year of Steady Performance
New development is an important driver of our clients’ growth. In 2014, nine projects concluded and our pipeline of new development projects is strong, with over $650 million in the approval stage.
As a trusted real estate advisor, our mission is to provide stable long-term returns for our clients. In 2014, we continued to achieve this by providing sound real estate advice to our clients, helping them realize their long-term investment goals. From a real estate acquisition perspective, we purchased $308.9 million in new assets for our clients.
Paul Finkbeiner, President
Leasing activity was also strong, in part as a result of proactive strategies. We concluded 551 transactions totalling 6.3 million square feet of new and renewal commercial leases.
GWL Realty Advisors | 2014 Annual Review
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GRI 1
Overview | President’s Message
2014 Corporate Social Responsibility Highlights
Overview President’s Message
Performance Highlights
Who We Are/What We Do
In addition to our financial performance, we made great strides in our commitment to corporate social responsibility.
Business Highlights Awards and Industry Memberships
• Green building certifications are a marquee of building and operational excellence. At the close of the year, 68% of our eligible portfolio was BOMA BESt certified. We are well on our way to meeting our goal of 100%.
Our Approach Business Performance Data Tables About This Report Commerce Place, Edmonton, AB
GRI Index Nine buildings received LEED® certification in 2014. Another eight buildings are pursuing certification.
The multi-residential asset class continued to be an important part of our clients’ asset mix. During the year, multi-residential assets maintained a stable occupancy rate of 97%.
• We formalized our compliance management process by establishing a cross-functional committee that links to our parent company’s Chief Compliance Officer in order to better manage new compliance requirements and to report on any compliance matters that affect our business. • For the first time, we participated in the Best Employers in Canada engagement survey to benchmark our performance with the best in Canada. 78% of our employees believe we are a socially responsible employer. Employee engagement remains a key business priority for us.
Our Bright Future By all accounts, 2014 was another good year. We thank our clients for their trust and continued confidence in our ability to serve their real estate investment needs. We also thank our employees for their support and dedication. We are a vastly different company than we were 10 years ago. We continue to increase our reputation for being one of Canada’s most trusted real estate advisors because of the value of real advice that we provide. As we look forward, we see a bright future. We will continue to work hard to further enhance value for our clients, and ensure our business creates positive results for all our stakeholders.
Paul Finkbeiner President
GWL Realty Advisors | 2014 Annual Review
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GRI 8 | 9 | EC1
Overview
Overview
President’s Message
PERFORMANCE HIGHLIGHTS
Performance Highlights
Business Highlights
Who We Are/What We Do
Awards and Industry Memberships
Our Approach
TOTAL REAL ESTATE ASSETS UNDER MANAGEMENT 2014
2013
Pension Fund Advisory Services
8,199
8,649
Canadian Real Estate Investment Fund No. 1
4,136
3,922
London Life Real Estate Fund
2,056
1,977
Great-West Life/London Life/Canada Life
2,143
2,071
29
29
16,563
16,648
Other
Business Performance
Total assets ($ millions)
Data Tables
Total square feet (millions)
59.9
62.6
Total number of assets
288
309
About This Report
PORTFOLIO RATES OF RETURN
GRI Index
(Investment Property Databank basis – non-leveraged)
200 Kent St., Ottawa, ON
1 Year
4.9%
5 Year
5.6%
10.9%
5.3%
10 Year 6.1% Income Return
7.3%
2.4%
4.9% Capital Return
11.0%
Total Return
Note: Numbers reported on this page are as of December 31, 2014.
GWL Realty Advisors | 2014 Annual Review
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GRI 6 | 8 | 9 | EC1
Overview | Performance Highlights
Overview
Number of Assets and Value by Region
President’s Message
Performance Highlights
Business Highlights
Who We Are/What We Do
Awards and Industry Memberships
Our Approach Business Performance
44
69
Value: $2.4B
BRITISH COLUMBIA
ALBERTA
8
SASKATCHEWAN/MANITOBA
133
20 QUEBEC
ATLANTIC CANADA
Value: $5.4B
Value: $0.3B
Value: $7.7B
Value: $0.5B
Value: $0.3B
ONTARIO
11
Data Tables About This Report
Asset Allocation and Value by Type
GRI Index
60% 15% 12% 4%
9%
OFFICE
MULTI-RESIDENTIAL
INDUSTRIAL
RETAIL
PROPERTY HELD FOR/ UNDER DEVELOPMENT
Value: $9.8B
Value: $2.5B
Value: $1.9B
Value: $0.9B
Value: $1.5B
Note: Numbers reported on this page are as of December 31, 2014.
GWL Realty Advisors | 2014 Annual Review
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Overview
Overview
President’s Message
BUSINESS HIGHLIGHTS
Performance Highlights
$159.6 M
Business Highlights
Awards and Industry Memberships
Who We Are/What We Do
total value creation of new development projects in 2014
551
total new and renewal lease transactions completed
95.8%
tenant satisfaction score in commercial portfolio
Our Approach Business Performance Data Tables About This Report GRI Index
CO2
27%
decrease in absolute GHG intensity since 2007
100%
of employees signed the Code of Business Conduct and Ethics
68%
of eligible portfolio is BOMA BESt certified
78%
of employees believe our company is socially responsible
17 BUILDINGS
attained or are pursuing LEED® certification
11 HOUSES
built in Toronto for Habitat for Humanity since 2004
GWL Realty Advisors | 2014 Annual Review
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GRI 15 | 16
Overview
Overview
President’s Message Performance Highlights Business Highlights
AWARDS AND INDUSTRY MEMBERSHIPS We were proud to accept industry awards on behalf of our clients, recognizing excellence in operations and property management.
Awards and Industry Memberships
Who We Are/What We Do
Our Approach Business Performance
Commerce Court Toronto, ON
190 Simcoe St. Toronto, ON
12315 Coleraine Dr. Bolton, ON
330 University Ave. Toronto, ON
Data Tables About This Report GRI Index
2014 BOMA Toronto Earth Award; Office Building Complex and Recycling Council of Ontario’s Silver Award in the Institutional, Commercial and Industrial Sector
2014 BOMA Toronto Best Saver Earth Hour Challenge; 2014 Race to Reduce Building Engagement Award
2014 BOMA Toronto Building of the Year Award: Industrial; 2014 Certification of Building and Management Excellence
2014 Race to Reduce Building Engagement Award
65 Lillian Ave. Toronto, ON
BOMA Toronto Earth Award, Multi-Residential
We actively participate in real estate and industry associations.
GWL Realty Advisors | 2014 Annual Review
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GRI 4 | 7
Overview
Overview
President’s Message Performance Highlights Business Highlights Awards and Industry Memberships
Who We Are/What We Do
Our Approach Business Performance Data Tables About This Report GRI Index
WHO WE ARE GWL Realty Advisors is a leading Canadian real estate investment advisor providing comprehensive asset management, property management, development, portfolio management and specialized real estate advice and services to pension funds and institutional clients. GWL Realty Advisors is a wholly owned subsidiary of The Great-West Life Assurance Company.
WHAT WE DO As a trusted real estate investment advisor, we are known for strong corporate governance, stewardship of clients’ assets, and a commitment to sustainability and outstanding customer service. We’ve earned and maintained the trust of our clients by helping them reach their longterm investment goals. To do so, we leverage the power of our collective real estate knowledge and expertise across all asset classes.
ASSET MANAGEMENT “We oversee the development and execution of business and capital plans for our clients’ assets.” Scott Taylor, Senior Vice President,
PORTFOLIO MANAGEMENT “We provide advisory services to our clients. We are accountable for the overall performance of our clients’ assets.” Tom Sullivan, Senior Vice President, Portfolio Management
Asset Management, Prairie Region
PROPERTY MANAGEMENT “We ensure the long-term performance of the properties we manage by developing and executing business and capital plans.” Charles Stade, Vice President, National Commercial Property Management
FINANCE AND ADMINISTRATION
DEVELOPMENT
“We provide financial and portfolio reporting to our clients and business units across the country.” Kevin Nicholson, Vice President, Finance & Administration
INVESTMENTS
“We help our clients to achieve their return and diversification objectives by developing properties to add to their portfolios.” Merv McCoubrey, Senior Vice President, Development, Eastern Canada
LEASING
“We work closely with portfolio management to understand our clients’ investment objectives. We then develop strategies to achieve these objectives.” Jeff Fleming, Senior Vice President, Investments
“We maintain strong relationships with tenants to secure long-term leases.” Glenn Way, Senior Vice President, Asset Management, Toronto
VERTICA RESIDENT SERVICES “Vertica provides residential property management that enhances value for our residents.” Louise Nichols, Director, Operations
RESEARCH “The research team identifies and analyzes the long-term social, demographic, environmental and economic trends affecting commercial real estate investment, ownership and development.” Wendy Waters, Director, Portfolio Analysis & Research Services
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GRI 19
Our Approach
Overview Our Approach Vision and Strategy
Responsible Management Stakeholder Engagement
Business Performance Data Tables About This Report GRI Index
VISION AND STRATEGY
BUSINESS PRIORITIES
Our approach to real estate investment advice is supported by our strategic business objectives – growth, performance, relationships, reputation – helping us to create a sustainable and resilient business for the long term. STRATEGIC BUSINESS OBJECTIVES
Our Vision To be the Canadian real estate advisory company that is recognized for delivering results through smart, timely and trusted advice and services.
Growth – Increase assets under management and secure new investors and clients.
Performance – Increase net operating income; enhance operating efficiencies.
Relationships – Improve and expand service offerings and client relations.
Our Mission To deliver stable long-term returns for our clients.
Reputation – Enhance our position as a recognized leader and employer of choice in the Canadian real estate industry.
Business Integrity – Conduct our business with honesty, integrity and fairness, building the trust and confidence of our clients.
Value Creation – Achieve sustainable returns and the diversification objectives of our clients, taking financial, environmental, social and governance factors into consideration in the investment, asset management and development process.
Operational Excellence – Provide an exceptional, proactive and personalized service for our tenants, managing properties in the most innovative and efficient manner to achieve predictable and competitive operating costs.
Sustainability – Drive cost efficiency and improve the environmental performance of buildings under our management, while working collaboratively with service providers to support environmentally conscious activities, products and services.
Employer of Choice – Foster a rewarding place to attract and develop top talent, where people feel motivated and empowered to grow both personally and professionally.
GWL Realty Advisors | 2014 Annual Review
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GRI 14 | 34 | 35 | 36 | 38 | 42 | 45 | 46 | 48 | 56
Our Approach
Overview Our Approach
Vision and Strategy
Responsible Management
Stakeholder Engagement
Business Performance Data Tables About This Report GRI Index
RESPONSIBLE MANAGEMENT Our fiduciary responsibility demands that we adhere to strict governance policies. All decisions are subject to careful scrutiny at all levels. Where applicable, we operate in accordance with the framework of our parent company, which plays an important role in supporting our business operations and providing clear guidance. Governance Structure
Risk Management
Key management decisions are made by our President, supported by an experienced Executive Committee responsible for the overall management and growth of our business. The Executive Committee is made up of nine executives, four of whom are women. The Executive Committee is informed by a number of senior management committees including:
Our governance standards form the foundation of our ongoing risk management approach. The Compliance Steering Committee oversees our risk management function, identifying key risks and ensuring effective risk management capabilities are integrated into dayto-day business activities.
The Investment Committee is responsible for the review and approval of all major terms for any proposed acquisition, disposition, development or major capital project undertaken on behalf of our clients.
The Human Resources Committee is composed of senior leaders who are responsible for overseeing human resources strategies, including compensation and talent management at GWL Realty Advisors.
The Sustainability Steering Committee is a cross-functional team that has primary responsibility for supporting sustainability across our business. This includes approving the strategic approach, overseeing programs, reviewing performance and approving reporting.
We take a precautionary approach to risk identification and assessment, which includes financial, ethical, business, governance, environmental and social risk considerations. Each quarter, potential risks are identified, monitored and managed accordingly.
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GRI 24 | 25 | 26
Our Approach
Overview
STAKEHOLDER ENGAGEMENT
Our Approach
Our participation in open dialogue and engagement enables us to understand the interests of our stakeholders and build trusted relationships.
Vision and Strategy Responsible Management
Stakeholder Engagement
Business Performance Data Tables About This Report GRI Index
We provide stakeholders with feedback mechanisms to ensure they have an opportunity to voice any questions or concerns. Feedback is gathered through our website, one-on-one meetings, discussions at conferences, focused satisfaction and engagement surveys, and input from sectoral and cross-sectoral initiatives.
Listening to Our Stakeholders PARENT COMPANY We engage regularly with our parent company through the GWL Realty Advisors Board as well as through formal and informal meetings on our business performance, investment management, and risk and compliance management programs.
CLIENTS Our clients are pension funds, individuals and institutional investors. We engage regularly with them through formal business meetings, reporting and client feedback. TENANTS We engage with our tenants on an ongoing basis through leasing negotiations, newsletters and satisfaction surveys, and through ongoing meetings as part of the normal course of our business activities. EMPLOYEES We engage our employees through continuous communication and feedback mechanisms, performance reviews, and a biannual employee engagement survey.
REAL ESTATE INDUSTRY GROUPS We actively participate in real estate industry groups, including REALpac, BOMA, Canada Green Building Council, NAIOP and NAREIM. We engage with these groups through our membership and involvement at meetings and conferences. SERVICE PROVIDERS We engage with service providers through formal contract planning meetings and performance monitoring discussions. GOVERNMENTS We engage with governments on an ongoing basis, either during the various phases of development projects or through industry groups such as REALpac, the real estate industry group that represents the interests of building owners and advisors.
COMMUNITY GROUPS The communities where we operate play an important role in our social licence to operate. We engage with these groups through our community investment programs and volunteering initiatives as well as various community consultations during development projects.
Looking Forward Over the course of the next year, we will continue to incorporate stakeholder feedback into our efforts to improve our services and operations.
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Overview | Lorem
Overview Our Approach Business Performance
BUSINESS INTEGRITY
Business Integrity
Value Creation Operational Excellence Sustainability Employer of Choice
Data Tables About This Report GRI Index
Our strong standard of ethics and integrity forms the basis for how we conduct our business. We set high standards for our people, and extend our values to our service providers.
GWL Realty Advisors | 2014 Annual Review
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GRI 19
Business Performance | Business Integrity
Overview
Management and Performance
Our Approach
We continue to drive a strong compliance culture across our organization. Our Compliance Steering Committee has responsibility for reviewing our business processes to ensure they are compliant with applicable laws and reflect responsible business practices.
Business Performance Business Integrity
Value Creation
PRIORITY
OBJECTIVE
2014 ACHIEVEMENTS
2015 ACTIONS
Ethical Conduct
Ensure 100% compliance for both codes of conduct
100% of employees signed off on the Code of Business Conduct and Ethics
Continue to reinforce aspects of the codes through ongoing awareness and training
Operational Excellence Sustainability
100% of Directors signed off on GWL Realty Advisors’ Code of Conduct
Employer of Choice
Data Tables
Compliance Management
Continue to ensure a strict compliance culture
About This Report GRI Index Responsible Business Practices
Promote responsible practices among our service providers Reinforce tendering practices with property management staff
Formalized a Compliance Steering Committee
Review Committee membership, practices and procedures
Strengthened our Business Continuity Planning (BCP) and Disaster Recovery Planning (DRP) programs
Test and continuously improve our BCP and DRP programs
Continued to communicate our responsible business practices to service providers
Enhance our responsible business practices for service providers
Continued to implement our pre-qualification contractor process
Conduct random audits of properties to assess implementation
Developed training program for staff responsible for managing contract tendering
GWL Realty Advisors | 2014 Annual Review
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GRI 12 | 56 | 57 | DMA-EC | DMA-SO | SO4 | SO5 | DMA-PR | PR8
Business Performance | Business Integrity
Overview
Management and Performance (cont’d)
Our Approach
While we take a long-term perspective on investing and comply with the highest standards of accountability and governance, we remain entrepreneurial and opportunistic. This balance is critical in meeting both our fiduciary responsibilities and our commitment to deliver stable returns to our stakeholders.
Business Performance Business Integrity
Value Creation Operational Excellence Sustainability Employer of Choice
Data Tables About This Report GRI Index
ETHICAL CONDUCT The foundation of our ethics and integrity is guided by our two codes of conduct. The codes include requirements on workplace violence, anti-money laundering, and fair and equitable contractor tendering processes. The codes and supporting policies establish the values and business principles that apply within our organization, as well as to our service providers. OMBUDSMAN AND WHISTLEBLOWING Our Whistleblowing Policy ensures that reports to the Ombudsman are held in confidence and investigated and resolved in a timely manner by the Business Unit Compliance Contact.
COMPLIANCE MANAGEMENT We have a strong compliance framework overseen by our Compliance Steering Committee, and informed by our parent company’s Corporate Compliance team. We are subject to regular third-party reviews and audits to ensure our compliance. REAL ESTATE BROKERAGE LICENSING Our National Real Estate Licensing Policy guides our approach to brokerage licensing. We ensure we are licensed appropriately in each province where we carry on business and monitor the maintenance and renewal of all licences. PRIVACY In accordance with our privacy policy, we have formal data security systems and continue to train our employees on data privacy controls. In 2014, there were no incidents related to privacy breaches.
BRIBERY, CORRUPTION AND MONEY LAUNDERING We abide by anti-corruption, anti-bribery and anti-money laundering policies, which set out specific guidelines for the detection and reporting of fraud and money laundering. In 2014, there were no incidents related to bribery, corruption or money laundering. RISK MANAGEMENT AND COMPLIANCE SYSTEMS Two systems – RiskCheck and ContractorCheck – support our property operations’ risk management and compliance practices. Combined, these two systems capture issues at the site level that may pose a risk to safety and to the assets themselves. All issues are documented, escalated, resolved and logged for future analysis.
RESPONSIBLE BUSINESS PRACTICES We engage a diverse network of service providers. We extend our conduct standards to our suppliers, and expect them to conduct their businesses in an ethical, environmentally sound and socially responsible manner. BUSINESS CONTINUITY PLANNING (BCP) AND DISASTER RECOVERY PLANNING (DRP) We have robust policies, procedures and programs in place to ensure our critical business functions and IT services continue to operate in the event of serious incidents or disasters. Our BCP and DRP programs are exercised and updated on a regular basis. Our recovery services and facilities are located in Canada and follow industry best practices for location and environment.
GWL Realty Advisors | 2014 Annual Review
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Overview | Lorem
Overview Our Approach Business Performance
Business Integrity
Value Creation
Operational Excellence Sustainability Employer of Choice
Data Tables About This Report GRI Index
VALUE CREATION Our mission as a trusted real estate investment advisor is to deliver stable, long-term returns for our clients. We do this through the acquisition and disposition of real estate, by enhancing asset value through proactive asset management and leasing strategies, and through the development of new properties. We believe it is important to consider environmental, social and governance factors when providing real estate investment advice. Doing so enables us to effectively mitigate risks, maximize asset value and optimize returns for our clients.
Elata, Calgary, AB
GWL Realty Advisors | 2014 Annual Review
17
GRI 19
Business Performance | Value Creation
Overview Our Approach Business Performance
We earn and maintain the trust of our clients by listening to their investment objectives and helping them to reach their goals by leveraging the power of our collective real estate knowledge. Our diverse teams – including Portfolio Management, Investments, Development, Asset Management, Leasing and Property Management – located in core markets work together to understand and meet our clients’ objectives. Building partnerships that are based on the value of real advice is what we are all about.
Business Integrity
Value Creation
Management and Performance
Operational Excellence
PRIORITY
OBJECTIVE
2014 ACHIEVEMENTS
2015 ACTIONS
Asset Management
Develop and execute business plans that increase the value of our clients’ assets under management
Increased the value of clients’ assets through strategic asset management, proactive leasing strategies and operational excellence
Continue to identify opportunities to increase client asset value
Investments
Pursue a disciplined strategy to managing acquisitions and dispositions of our clients’ assets to achieve sustainable returns and portfolio diversification objectives
Acquired $308.9 million of real estate assets on behalf of our clients
Strengthen the integration of ESG factors into the Investment Policy and procedures
Ensure new development projects create value for our clients and contribute positively to the communities where they are built
Completed nine development projects across the country
Sustainability Employer of Choice
Data Tables About This Report GRI Index
Developments
Disposed of $144.1 million of non-core assets
Engaged communities through public meetings on all major development projects
Formalize the integration of sustainability criteria into our Development Policy and procedures
The acquisition of 5000 Yonge Street (Toronto, ON), a Class “A” office building, expanded our existing managed portfolio of more than one million square feet in the North Yonge corridor.
GWL Realty Advisors | 2014 Annual Review
18
GRI DMA-EC | EC7 | EC8 | DMA-SO
Business Performance | Value Creation
Overview Our Approach Business Performance
Business Integrity
Value Creation
Operational Excellence Sustainability Employer of Choice
Data Tables About This Report GRI Index
Management and Performance (cont’d) Our long-term perspective ensures we continue to add value to our clients’ portfolios by providing strong management and strategic investment advice.
VALUE CREATION We take a measured approach to protecting and growing the value of our clients’ assets under management through portfolio management, asset management, transaction management and leasing, to optimize the value of every asset. INVESTMENTS Our Investment Policy guides our approach to the acquisition and disposition of our clients’ real estate assets. This includes acquiring assets and executing a disciplined approach to disposing of non-core assets to make room for new product. DEVELOPMENTS We help our clients achieve their return and diversification objectives by developing high-quality properties, especially ones that are technologically advanced and environmentally responsible.
We assess potential developments and then analyze each development’s risk profile so that it can be matched with the riskreward combination for the client. Through this process, we provide recommendations to our clients on features that enhance the connectedness of a development to its community, including linkages to transit, affordable housing, ecological protection, and urban design. We work collaboratively with the communities where we operate to create positive impacts in society, contributing to social well-being, quality of life and economic prosperity.
ASSET MANAGEMENT Our business and capital plans include a broad range of initiatives to protect and grow the value of our clients’ investments. In addition to upgrading tenant amenities and common spaces, our asset management team considers capital investments to upgrade building systems and enhance energy efficiency, as a means of reducing utility costs and adding value to the asset. LEASING STRATEGIES We also engage with new and existing tenants on lease agreements. Our proactive leasing strategies resulted in strong activity across the country in 2014 with 551 transactions totalling 6.3 million square feet of new and renewal commercial leases concluded during the year.
551 TOTAL LEASING TRANSACTIONS Total new leases:
247 TRANSACTIONS totalling 2.7 million square feet Total renewals:
304 TRANSACTIONS totalling 3.6 million square feet
GWL Realty Advisors | 2014 Annual Review
19
GRI DMA-EC | EC7 | EC8
Business Performance | Value Creation
Overview Our Approach Business Performance
Business Integrity
Value Creation
Operational Excellence Sustainability Employer of Choice
Data Tables About This Report GRI Index
CASE STUDY CREATING VALUE THROUGH NEW DEVELOPMENT PROJECTS
Through innovation and quality control in every aspect of development, from design, to construction, to leasing, we partner with our clients to develop real estate projects that offer sustained value for them, for tenants and for the community. Southcore Financial Centre was among the first major business developments to be built south of the traditional financial district in downtown Toronto, during a time when there was minimal development immediately south of Union Station. Completed in December 2014, this mixed-use complex features two LEED® Gold certified office towers totalling 1.4 million square feet and the Delta Toronto, a premium 4-star, 560-room next generation hotel. Two PATH bridges connect Southcore Financial Centre to the neighbourhood. The first bridge,
Southcore Financial Centre was developed on behalf of bcIMC.
an enclosed pedestrian walkway, enhances the area’s connectivity by providing easy and convenient access to Union Station, the GO Bus Terminal, the PATH network, Air Canada Centre and the downtown core. The bridge features a dynamic and interactive permanent exhibit by James Carpenter. Entitled Lake Light Threshold, this artwork seeks to animate the walk across the bridge and make the northward drive into the city from the Gardiner Expressway more of an event by illuminating the north wall of the PATH bridge.
The second bridge joins the Delta Toronto Hotel and Southcore Financial Centre with the SkyWalk. This bridge creates a loop within the PATH pedestrian network, making it possible to travel between the Delta Toronto and Union Station in climate controlled comfort, and makes it easy for guests in the hotel or those who work in the Southcore Financial Centre to gain faster access to the Metro Toronto Convention Centre and the Union Pearson Express train.
Completed in December 2014:
2 OFFICE TOWERS
that have been LEED® Gold certified, totalling 1.4 million square feet, and the
DELTA TORONTO , a premium 4-star, 560-
room next generation hotel.
GWL Realty Advisors | 2014 Annual Review
20
Overview | Lorem
Overview Our Approach Business Performance
Business Integrity Value Creation
Operational Excellence
Sustainability Employer of Choice
Data Tables
OPERATIONAL EXCELLENCE
About This Report GRI Index
We believe that improving the way we operate buildings under our management and meet our tenants’ needs is crucial to ensuring the long-term performance and value of our clients’ assets.
GWL Realty Advisors | 2014 Annual Review
21
GRI 19
Business Performance | Operational Excellence
Overview
Management and Performance
Our Approach
Our commitment to operational excellence drives our ambition to deliver high-quality tenant service, operate safe and secure buildings, and improve the environmental footprint of buildings under our management.
Business Performance
Business Integrity Value Creation
PRIORITY
OBJECTIVE
2014 ACHIEVEMENTS
2015 ACTIONS
Tenant Satisfaction
Strive to provide the highest level of service satisfaction that exceeds tenant expectations
Achieved a 95.8% satisfaction score based on 1,025 responses to a (randomly generated) tenant survey that rates how our property teams delivered service
Continue to maintain our service level through ongoing collaboration and feedback
Safety and Security
Enhance tenant safety and preserve asset integrity
Updated our national emergency response plans based on the Canadian Incident Management System
Roll out our updated emergency response plans across the business
Green Building Certifications
Increase the percentage of green certified buildings in our portfolio
Achieved nine LEED® Gold certifications and attained a 68% BOMA BESt portfolio certification level for buildings under our management
Continue to pursue and maintain green certifications for 100% of the eligible portfolio
Operational Excellence
Sustainability Employer of Choice
Data Tables About This Report GRI Index
A retrofit and façade replacement project was undertaken to reposition and revitalize 1535 Meyerside Drive (Mississauga, Ontario) located within the Dixie Business Park. In a market where there is significant available commercial inventory, this building is fully leased.
GWL Realty Advisors | 2014 Annual Review
22
GRI DMA-PR | PR5
Business Performance | Operational Excellence
Overview
Management and Performance (cont’d)
Our Approach
By understanding our tenants’ changing needs, we are able to enhance our customer service, promote tenant safety, support tenant health and wellness, and preserve asset integrity.
Business Performance
Business Integrity Value Creation
Operational Excellence
Sustainability Employer of Choice
Data Tables About This Report GRI Index
Our number one priority remains ensuring tenant safety, satisfaction and comfort. Increasingly, this includes promoting the health and wellness of occupants through the monitoring and maintenance of indoor air quality, the support of green cleaning practices, and the addition of amenities such as bicycle racks, green spaces, and access to natural light.
TENANT SATISFACTION Our commitment to providing tenants with the highest standard of service is founded on proactive management, open communication and personalized service. We provide an online platform, OneServe, to receive service or maintenance requests. On an ongoing basis, following the completion of a service request,
we conduct a random survey that allows tenants to rate the overall quality of our response and resolution times, and the attitude and courtesy of our staff. We recognize the exceptional customer service efforts of our employees through formal and informal recognition programs.
SAFETY AND SECURITY Our Security and Life Safety Services Group is focused on ensuring the resilience of our critical infrastructure, training our people and evolving our emergency plans to address potential threats.
Last October, in an ongoing effort to ensure effective emergency preparedness and to test the strength and resilience of our emergency response plan, GWL Realty Advisors participated in a live disaster simulation exercise in downtown Toronto involving the CRE-FDSG and Toronto emergency service members.
As a founding member of the Commercial Real Estate Financial District Security Group (CRE-FDSG) and a member of the Security Risk Management Advisory Council (a BOMAestablished council), we collaborate with the industry to assess today’s security challenges to help us better protect our tenants and the properties under our management.
Incident and emergency plans, developed to address emergency response and business recovery, are based on the Canadian Incident Management System’s “all-hazards” approach. This lays the groundwork for us to consistently respond to varying situations from a single buildingspecific emergency to a multiproperty incident.
GWL Realty Advisors | 2014 Annual Review
23
GRI DMA-PR | CRE8
Business Performance | Operational Excellence
Overview Our Approach Business Performance
Business Integrity Value Creation
Operational Excellence
Sustainability Employer of Choice
Data Tables
GREEN BUILDING CERTIFICATIONS Our managed office, industrial, and multi-residential properties proudly participate in BOMA BESt and LEED® sustainable building rating systems. These systems are considered the high-water marks for the design, construction and operation of green buildings. For owners and tenants, such certifications provide credibility, instil confidence, promote
comparability, and help qualify and quantify the benefits of sustainable assets.
BOMA BESt Certifications
LEED® Certifications
Qualifying criteria include the use of sustainable materials, innovative design and construction, the promotion of occupant health and good indoor environmental quality, the creation of sustainable and connected communities, and building resource efficiency, covering energy, water, and waste management.
About This Report
20
300
Number of buildings
250
Number of buildings
GRI Index
200 150 100
15
In 2014, Purdy’s Wharf, located in Halifax, NS, became the first commercial property in Atlantic Canada to be given a LEED® designation in the Existing Building: Operations and Maintenance category by the Canada Green Building Council.
10
5
50 0
10
11
12
13
14
Year Note: The number of BOMA BESt certifications declined in 2014 due to asset dispositions and the intent to time re-certifications for participation in BOMA Canada’s newly released portfolio program for industrial certification.
0
10
11
12
13
14
Year Note: All but one asset is certified Gold.
GWL Realty Advisors | 2014 Annual Review
24
Overview | Lorem
GRI CRE3
Overview Our Approach
SUSTAINABILITY
Business Performance
Business Integrity Value Creation Operational Excellence
Sustainability
Employer of Choice
Data Tables
Sustainability is fundamental to operating highperforming, efficient and low-impact buildings. Managing the environmental impacts of our buildings helps to control our costs and those of our tenants, contributes to preserving the environment, and further protects and grows the value of our clients’ assets.
About This Report GRI Index
Westmount Corporate Campus, Calgary, AB
GWL Realty Advisors | 2014 Annual Review
25
GRI 19 | DMA-EN | EN6 | EN19 | CRE1 | CRE2 | CRE3
Business Performance | Sustainability
Overview
Management and Performance
Our Approach
Our Sustainability Team helps to guide environmental conservation programming, including data collection, analysis and reporting activities as they relate to energy, water, waste and greenhouse gas (GHG) emissions management. These activities are tracked and reviewed on a quarterly basis by the Sustainability Steering Committee at meetings where continuous improvement efforts are discussed and prioritized.
Business Performance
Business Integrity Value Creation Operational Excellence
PRIORITY
OBJECTIVE
2014 ACHIEVEMENTS
2015 ACTIONS
Energy Efficiency
Reduce energy consumption while maintaining tenant comfort
Reduced energy intensity by 7% since 2007
Establish a five-year energy reduction target using 2013 as the baseline year
Waste Reduction
Reduce waste to landfill and increase diversion rates
Reduced waste intensity by 35% since 2007
Establish a five-year waste reduction target using 2013 as the baseline year
Water Management
Reduce water consumption
Reduced water intensity by 21% since 2007
Establish programs to support our five-year water reduction target
Sustainability
Employer of Choice
Data Tables About This Report
Established a water benchmark for office assets and set a five-year water reduction target of 8.4% using 2013 as the baseline year
GRI Index
Carbon Monitoring and Measurement
Reduce our carbon footprint
Reduced our carbon footprint by 22% and our emissions intensity by 27% since 2007, avoiding 76,534 tonnes of CO2e
Establish a five-year carbon reduction target using 2013 as the baseline year
GWL Realty Advisors | 2014 Annual Review
26
GRI EN5 | EN6 | EN8 | EN15 | EN16 | EN17 | EN18 | EN19 | EN23 | CRE1 | CRE2 | CRE3
Business Performance | Sustainability
Overview
Sustainability Performance at a Glance (2007–2014)
Our Approach
By setting targets, driving reductions and measuring results, we demonstrate that environmental sustainability is good management, enabling us to improve building performance and efficiency.
Operational Excellence Employer of Choice
Data Tables
27%
10 8 6 4 2 0
About This Report
07
08
09
10
11
12
13
14
decrease in GHG emissions intensity (Scope 1, 2 and 3)
Energy Intensity 40
7%
30
20
d ecrease in energy intensity
10
0
07
08
09
10
Year
12
13
14
Landfill Waste and Recyclables
140
30
21%
120 100 80 60
decrease in water intensity
40 20 0
11
Year
Water Intensity
Intensity (litres/ft2)
GRI Index
CO2
12
Value Creation
Sustainability
GHG Emissions Intensity
Intensity (ekWh/ft2)
Business Integrity
Intensity (tCO2e/1,000 ft2)
07
08
09
10
11
12
13
14
31%
25 (000s tonnes)
Business Performance
20 15
d ecrease in waste
10 5 0
07
08
Year
09
10
11
12
13
14
Year Landfill waste Recyclables
GWL Realty Advisors | 2014 Annual Review
27
GRI DMA-EN | CRE3
Business Performance | Sustainability
Overview
Management and Performance (cont’d)
Our Approach
Improving our energy efficiency is fundamental to how we operate our business. It drives us to implement innovative building solutions which lead to lower building operating costs, reductions in our greenhouse gas emissions, and improvements to the overall efficiency of our assets under management.
Business Performance
Business Integrity Value Creation Operational Excellence
Sustainability
Employer of Choice
Data Tables About This Report GRI Index
REDUCING ENERGY CONSUMPTION Energy audits are conducted and management plans are put in place where significant reductions can be made. Energy conservation projects executed by our property management teams touch on all elements of a building’s systems: lighting, ventilation, heating and cooling, automation and control, and the building envelope. The Sustainability Team compares our performance against industry benchmarks, regional averages and internal performance measures. In 2015, we will be formalizing our energy and carbon reduction targets.
CARBON MONITORING AND MEASUREMENT Our carbon management strategy is focused on increasing energy efficiency, waste reduction and recycling efforts, water conservation,
as well as exploring options to use renewable energy at the buildings under our management. In 2015, we will continue to review opportunities to increase the use of renewable energy where technically and economically feasible.
Waste and Water Management We are working collaboratively with our tenants and service providers to reduce waste production, increase waste diversion and reduce water consumption.
WASTE MANAGEMENT Managing waste helps to reduce landfill costs and improve the environmental footprint of buildings under our management. Our property management teams ensure recycling is available for a broad range of waste streams, including traditional recyclables (paper, cans,
bottles), and works to enhance or introduce newer streams such as organics, electronic waste, batteries, toner cartridges and fluorescent lighting, where viable. Third-party waste audits are used to educate staff, tenants and residents on better waste management and recycling practices. In 2015, we will be formalizing waste reduction targets.
WATER MANAGEMENT Faced with the increased frequency of droughts, floods and other extreme weather events around the globe, water management is a growing focus within the commercial real estate sector, and we have taken a leadership role. Water management is an important part of how we improve the operational performance and environmental sustainability of the buildings under our management.
In 2014, our Sustainability Team led a Water Benchmarking and Conservation Program to help us set a national five-year water reduction target as well as individual targets at 81 office properties. The aim is to reduce our water consumption by 8.4% by 2018, from a 2013 baseline. We will be focused on continuing improvements in water efficiency through such things as low-flow fixtures, intelligent irrigation systems, and enhanced control systems for cooling towers.
The current
8.4%
WATER REDUCTION TARGET
set for 2018 builds upon the 25% reduction achieved between 2007 and 2013.
GWL Realty Advisors | 2014 Annual Review
28
Overview | Lorem
Overview Our Approach Business Performance
EMPLOYER OF CHOICE
Business Integrity Value Creation Operational Excellence Sustainability
Employer of Choice
Data Tables About This Report GRI Index
Our people are at the heart of our business. Investing in our talent and ensuring the health, safety and well-being of our staff are critical to our success. These actions drive our focus on developing a highly motivated and engaged workforce.
GWL Realty Advisors | 2014 Annual Review
29
GRI 19 | DMA-LA
Business Performance | Employer of Choice
Overview
Management and Performance
Our Approach
We strive to be an employer of choice, recruiting and retaining the most talented people, developing their skills and providing a healthy and safe environment where people feel supported and empowered to succeed.
Business Performance
Business Integrity Value Creation Operational Excellence Sustainability
Our employee engagement strategy and activities are aligned with five key drivers of employee engagement: career opportunity, performance management, employer reputation, resources and work processes. Progress on our strategy is reported to senior leaders on a monthly basis.
PRIORITY
OBJECTIVE
2014 ACHIEVEMENTS
2015 ACTIONS
Employee Engagement
Engage our employees on the progress we are making as a business
74% of employees participated in the 2014 engagement survey
Implement action plans to address the five drivers of employee engagement
Employer of Choice
Data Tables About This Report
Talent Attraction and Development
Resurvey in 2016
Invest in talent and develop the skills of our employees
Approved 119 training and development applications valued at approximately $200,000
Instil a culture of safety and well-being across the company
Launched occupational health and safety (OH&S) awareness training. 96% of employees completed the training
GRI Index Health, Well-being and Safety
78% of employees believe we are a socially responsible employer
Extended our parent company’s “Take the Lead” leadership training program to 300 leaders across the country Train newly hired employees within the first 30 days of being hired
Improved our risk prevention programs related to slips and falls, contractor safety, electrical safety, confined spaces and working at heights Investing in Communities
Inspire lasting change in communities
Continue to invest in employee training and leadership development
Recognized for 10 years of support of Habitat for Humanity Achieved an 8% increase in staff contributions to the United Way
Strengthen our contractor safety management program Launch our mental health training Continue to support community organizations and measure our impacts
GWL Realty Advisors | 2014 Annual Review
30
GRI DMA-LA | LA2 | LA10
Business Performance | Employer of Choice
Overview Forty-one building operations staff in Ontario and Alberta took the Building Operator Certification Program offered through the Canadian Institute for Energy Training. At the end of 2014, GWL Realty Advisors had more staff complete this training than any other organization in Canada.
Our Approach Business Performance
Business Integrity Value Creation Operational Excellence Sustainability
Employer of Choice
Data Tables About This Report GRI Index
Management and Performance (cont’d) We are a relationship business that is built on trust. Our people make us successful. It is through their expertise, diverse experience, motivation and commitment that we are able to maintain strong relationships with clients and tenants, run a profitable and innovative business, and provide our clients with the best real estate investment advice.
TALENT ATTRACTION AND DEVELOPMENT Our commitment to employee training and career development is evident throughout the company. Our continuing education fund provides an allowance per year of $2,000 per employee. We are committed to growing the capabilities of our leaders. The “Take the Lead” program, launched in 2014, is designed to help managers broaden their perspective
and gain a better understanding of people issues, business challenges and leadership styles.
systems, preparing them to identify and implement energy-saving opportunities.
We take a proactive approach to identifying the professional development needs of our talent, supporting programs such as the Building Operator Certification Program offered through the Canadian Institute for Energy Training (CIET). This program allows our building operators to enhance their knowledge of different building
We build co-operative relationships that keep our talent pipeline rich. In 2014, we embarked on a multi-year program with Seneca College (Toronto, ON) that will help support the next generation of building operators.
HEALTH AND WELL-BEING A broad range of health and wellness programs are made available to our employees, including mental health awareness and an Employee and Family Assistance Program (EFAP), which provides support and information for employees and their families facing personal challenges.
GWL Realty Advisors | 2014 Annual Review
31
GRI DMA-LA
Business Performance | Employer of Choice
Overview Our Approach Business Performance
Business Integrity Value Creation Operational Excellence Sustainability
Employer of Choice
Data Tables About This Report GRI Index
SAFETY Oversight for OH&S performance is assigned to the National OH&S Advisory Committee, with representation from our 12 provincially based joint management-worker OH&S subcommittees. The committees meet monthly and communicate with our Executive Committee regularly. Our OH&S policies, procedures and programs anchor our safety management system and provide support for our zero injury goal. Third-party OH&S audits are conducted annually and the results are used to inform annual health and safety plans.
EMPLOYEE ENGAGEMENT Assessing the reputation of our business through the employee engagement survey helps measure where we stand and assess the progress we are making. Every 18 months, we run a comprehensive
survey across the company to learn employees’ views on what matters to them and on our role as an employer of choice.
INVESTING IN COMMUNITIES We seek to give our time and resources to make a positive difference in local communities. Our community strategy is focused on developing strong relationships with local stakeholders and advancing local causes that align with our business as a leading real estate advisor. Through The Great-West Life Assurance Company’s Stronger Communities Together™ program for community investment, we continued our support of the United Way and Habitat for Humanity in 2014. We also supported employees in a wide range of charitable activities across Canada, including Covenant House, Interval House, the Juvenile Diabetes Research Foundation, the Prostate Cancer Foundation, Ronald McDonald
Together with Great-West Life, we were recognized in 2014 for our ongoing commitment to Habitat for Humanity Greater Toronto Area. This year marked the completion of our 11th house.
House, The Salvation Army, the Credit Valley Hospital Foundation, the Hospital for Sick Children Foundation and many others.
GWL Realty Advisors | 2014 Annual Review
32
GRI 13 | EN15 | EN16 | EN17
Overview Our Approach Business Performance Data Tables
About This Report GRI Index
DATA TABLES In accordance with GRI G4 Sustainability Reporting Guidelines, all environmental data is expressed in absolute terms and/or as intensity values. As such, these numbers do not take into account the impacts that new developments, fluctuations in occupancy and weather, or other factors outside the management control of GWL Realty Advisors may have on utility consumption and greenhouse gas emissions.
QUANTITATIVE DATA
2014
2013
2012
GRI Indicator
240,932
238,469
234,520
G4-EN15, EN16
178,801
179,331
179,214
G4-EN15, EN16
59,678
57,855
54,479
G4-EN15, EN16
2,452
1,283
827
G4-EN15, EN16
85,297
82,408
75,496
G4-EN15
Managed office
43,501
42,052
38,784
G4-EN15
Multi-residential
41,601
40,083
36,660
G4-EN15
196
273
52
G4-EN15
155,634
156,062
159,024
G4-EN16
135,300
137,279
140,430
G4-EN16
18,078
17,772
17,819
G4-EN16
2,256
1,010
776
G4-EN16
28,779
31,726
35,840
G4-EN17
ENVIRONMENT Greenhouse gas (GHG) emissions (tCO2e) GHG emissions (Scope 1 and 2)1, 2 Managed office Multi-residential Light industrial Direct GHG emissions (Scope 1)1, 2
Light industrial (common area for portfolio subset only) Energy indirect GHG emissions (Scope 2)1, 2 Managed office Multi-residential Light industrial (common area for portfolio subset only) Other indirect GHG emissions (Scope 3)3
GWL Realty Advisors | 2014 Annual Review
33
GRI EN3 | EN5 | EN18 | EN23 | CRE1 | CRE3
Data Tables
Overview Our Approach Business Performance Data Tables
About This Report GRI Index
QUANTITATIVE DATA
2014
2013
2012
GRI Indicator
7.47
7.45
7.42
G4-EN18, CRE3
Managed office
8.02
8.05
8.12
G4-EN18, CRE3
Multi-residential
6.21
6.06
5.78
G4-EN18, CRE3
1,050,379
1,032,363
1,012,560
G4-EN3
460,343
443,488
406,934
G4-EN3
457,308
438,065
401,168
G4-EN3
3,036
5,424
5,766
G4-EN3
538,915
546,561
559,022
G4-EN3
48,179
39,539
42,766
G4-EN3
2,941
2,775
3,837
G4-EN3
32.9
32.4
32.0
G4-EN5, CRE1
Managed office
33.7
33.3
33.5
G4-EN5, CRE1
Multi-residential
31.1
30.4
29.0
G4-EN5, CRE1
17,853
19,804
22,261
G4-EN23
5,561
5,719
5,973
G4-EN23
12,292
14,086
16,288
G4-EN23
0.560
0.622
0.707
G4-EN23
Managed office
0.249
0.257
0.271
G4-EN23
Multi-residential
1.280
1.476
1.727
G4-EN23
GHG emissions intensity, Scope 1 and 2 (tCO2e/1,000 square feet)4
Energy consumption (MWh) Energy consumed within the organization5 Non-renewable fuel consumed Natural gas (metered) Fuel oil Electricity purchased for consumption Steam purchased for consumption Chilled water purchased for consumption Energy intensity (ekWh/square foot)6
Waste Waste generated – absolute (tonnes)7 Managed office Multi-residential Waste generated – intensity (tonnes/1,000 square feet)7
GWL Realty Advisors | 2014 Annual Review
34
GRI EN8 | EN23 | CRE2 | CRE8
Data Tables
Overview Our Approach Business Performance Data Tables
About This Report GRI Index
QUANTITATIVE DATA
2014
2013
2012
GRI Indicator
Waste to landfill9
17,853
19,804
22,261
G4-EN23
Recycled10
23,923
10,424
10,640
G4-EN23
N/A
N/A
N/A
G4-EN23
57%
34%
32%
G4-EN23
3,450,425
3,561,481
3,678,582
G4-EN8
Managed office
1,657,094
1,733,770
1,842,438
G4-EN8
Multi-residential
1,793,330
1,827,711
1,836,144
G4-EN8
108.1
111.9
116.8
CRE2
74.3
77.8
83.5
CRE2
186.8
191.5
194.7
CRE2
70%
80%
45%
CRE8
Office
73
62
47
CRE8
Multi-residential
50
61
38
CRE8
Open-air retail
4
3
1
CRE8
Light industrial
95
139
61
CRE8
Waste disposal methods (tonnes)8
Recovery for energy Waste to landfill diversion rate (%)10 Water11 Water withdrawn (m3)
Water consumption intensity (litres/square foot) Managed office Multi-residential Green building certifications, labelling or rating Overall % of assets % of assets that received a green building certification12 By asset class
GWL Realty Advisors | 2014 Annual Review
35
GRI CRE8
Data Tables
Overview
QUANTITATIVE DATA
LEED®
Business Performance
About This Report
2013
2012
GRI Indicator
18
10
6
CRE8
216
262
144
CRE8
1
N/A
N/A
CRE8
By type of certification
Our Approach
Data Tables
2014
BOMA BESt Built Green (NRCan)
1. Scope 1 and 2 GHG emissions are consolidated based on an operational control approach. 2.
Scope 1 GHG and Scope 2 emissions relate to assets under management where we have operational control. Our base year of reporting is 2007. Please refer to page 27, where we present our performance against our base year emissions. We use the World Business Council for Sustainable Development (WBCSD) GHG Protocol Corporate Accounting and Reporting Standard to guide our methodology for calculating GHG emissions. The gases included in the calculation are carbon dioxide, methane and nitrous oxide. The emission factors and global warming potentials are based on the Environment Canada National Inventory Report (NIR), Enwave Studies and the International Panel on Climate Change factors, respectively. Scope 1 emissions relate to natural gas and fuel oil consumption and exclude GHG emissions associated with backup generator fuel use and refrigerant top-ups. Scope 2 emissions relate to purchased electricity, steam, and chilled water consumption.
3.
Scope 3 GHG emissions include emissions from waste to landfill and water distribution for assets under management where we have operational control. We use the WBCSD GHG Protocol Corporate Accounting and Reporting Standard to guide our methodology for calculating GHG emissions. The gases included in the calculation are carbon dioxide, methane and nitrous oxide. The emission factors and global warming potentials are based on the Environment Canada NIR and the International Panel on Climate Change factors, respectively.
4.
GHG emissions intensities relate to Scope 1 and 2 for office and multi-residential properties only. The total square footage for the denominators used to calculate the emissions intensities is based on net rentable area: 2014 = 22,303,281 ft2 (office) + 9,602,700 ft2 Multi-Unit Residential Building (MURB) = 31,905,981 ft2; 2013 = 22,273,566 ft2 (office) + 9,544,981 ft2 (MURB) = 31,818,547; ft2 and 2012 = 22,068,545 ft2 (office) + 9,431,606 ft2 (MURB) = 31,500,151 ft2. The gases included in the calculation cover carbon dioxide, methane and nitrous oxide.
5.
Energy consumed within the organization relates to our managed office and multi-residential portfolio of assets under management. It includes energy consumption from non-renewable fuel sources, purchased electricity, steam and chilled water consumption.
6.
Energy intensity covers the energy consumed within our organization in the managed office and multi-residential portfolio, covering natural gas and fuel oil, purchased electricity, steam and chilled water consumption. We report energy intensity based on ekWh per square foot of net rentable area.
7.
Waste absolute data and intensity data relate to the non-hazardous waste generated at our managed office and multi-residential portfolio of assets under management.
8.
Waste disposal methods have been determined using the information provided to us by the waste disposal contractor.
9.
Landfill waste includes non-hazardous waste at our managed office and multi-residential portfolio of assets under management.
GRI Index
10. Recycled waste applies to our managed office portfolio of assets under management only for the years 2007–2013. In 2014, recycling increased significantly due to the inclusion of recycled waste from our managed multi-residential portfolio of assets under management. Since the adjusted baseline year, GWLRA’s waste diversion rate for offices has increased by 28.5%. The office diversion rate in 2014 was 67.0%, while the diversion rate for multi-residential properties was 50.6%. 11. The total water consumed and intensity data relates to the water withdrawn from municipal water supplies at our managed office and multi-residential portfolio of assets under management. We calculate the water withdrawn using the information provided by our utility providers. 12. Data represents the percentage of eligible office and multi-residential buildings with an active green certification during the reporting year. Several buildings may encompass a single asset, as reported in the main body of this report.
GWL Realty Advisors | 2014 Annual Review
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GRI LA5 | LA6 | LA9 | CRE6
Data Tables
Overview Our Approach Business Performance Data Tables
About This Report GRI Index
QUANTITATIVE DATA
2014
2013
2012
GRI Indicator
31%
N/A
N/A
G4-LA5
100%
100%
100%
CRE6
620
N/A
N/A
G4-LA9
5.3
N/A
N/A
G4-LA9
Injury rate (recordable incident rate)14
1.45
N/A
N/A
G4-LA6
Severity rate15
1.60
N/A
N/A
G4-LA6
Lost day rate16
0.48
N/A
N/A
G4-LA6
1
N/A
N/A
G4-LA6
12
N/A
N/A
G4-LA6
0
0
0
G4-LA6
SAFETY Joint management-worker health and safety (H&S) committees % of workforce in joint management-worker H&S committees13 OHSAS 18001 management system % of organization operating under a safety management system aligned with OHSAS 18001 Health and safety training Number of employees receiving health and safety training Number of hours of safety received per employee Occupational health and safety performance
Occupational diseases Total number of near miss incidents Fatalities17
13. The joint management-worker H&S committees have been established in all regions nationally and consist of supervisors and workers. Workers represent no less than 50% of those members on the joint health and safety committees, over which an elected co-chair presides with an appointed employer co-chair. 14. The injury rate is the number of recordable incident cases per 200,000 employee hours worked (number of recordable cases X 200,000/number of employee hours worked). In 2014, there were a total of nine recordable incidents, consisting only of minor injuries (e.g., strains, sprains). 15. The severity rate is the number of lost workdays divided by the total number of recordable incidents. 16. The lost day rate is the number of lost time cases per 200,000 hours worked (number of lost time cases X 200,000/number of employee hours worked). 17. Fatalities relate to our employees.
GWL Realty Advisors | 2014 Annual Review
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GRI 9 | 10 | LA1
Data Tables
Overview Our Approach Business Performance Data Tables
About This Report GRI Index
QUANTITATIVE DATA
2014
2013
2012
GRI Indicator
937
867
N/A
G4-9
Number of employees (female)
451
416
N/A
G4-10
Number of employees (male)
486
451
N/A
G4-10
% of female employees
48%
48%
N/A
G4-10
% of male employees
52%
52%
N/A
G4-10
879
814
N/A
G4-10
Number of employees (part-time)
28
26
N/A
G4-10
Number of employees (temporary or contractors)
30
27
N/A
G4-10
Total number of new employee hires
211
139
N/A
G4-LA1
New employee hire rate (% of total employees)
23%
16%
N/A
G4-LA1
EMPLOYER OF CHOICE Total employees18 Total number of employees Employees by gender
Employees by contract Number of employees (permanent)
New employee hires19
GWL Realty Advisors | 2014 Annual Review
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GRI LA1
Data Tables
Overview Our Approach Business Performance Data Tables
About This Report GRI Index
QUANTITATIVE DATA
2014
2013
2012
GRI Indicator
58
28
N/A
G4-LA1
% of new employee hires below 30 years old
27%
20%
N/A
G4-LA1
New employee hires between 30 and 50 years old
120
82
N/A
G4-LA1
% of new employee hires between 30 and 50 years old
57%
59%
N/A
G4-LA1
33
29
N/A
G4-LA1
16%
21%
N/A
G4-LA1
New employee hires (female)
115
83
N/A
G4-LA1
% of new employee hires (female)
55%
60%
N/A
G4-LA1
96
57
N/A
G4-LA1
45%
41%
N/A
G4-LA1
Age group New employee hires below 30 years old
New employee hires above 50 years old % of new employee hires above 50 years old Gender
New employee hires (male) % of new employee hires (male)
GWL Realty Advisors | 2014 Annual Review
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GRI LA1
Data Tables
Overview Our Approach Business Performance Data Tables
About This Report GRI Index
QUANTITATIVE DATA
2014
2013
2012
GRI Indicator
Employee turnover number
150
129
N/A
G4-LA1
Employee turnover rate (% of total employees)
16%
15%
N/A
G4-LA1
28
N/A
N/A
G4-LA1
19%
N/A
N/A
G4-LA1
64
N/A
N/A
G4-LA1
43%
N/A
N/A
G4-LA1
58
N/A
N/A
G4-LA1
39%
N/A
N/A
G4-LA1
81
61
N/A
G4-LA1
54%
47%
N/A
G4-LA1
69
68
N/A
G4-LA1
46%
53%
N/A
G4-LA1
Employee turnover20
Age group Employee turnover below 30 years old % of employee turnover below 30 years old Employee turnover between 30 and 50 years old % of employee turnover between 30 and 50 years old Employee turnover above 50 years old % of employee turnover above 50 years old Gender Employee turnover (female) % of employee turnover (female) Employee turnover (male) % of employee turnover (male)
18. Total employees represents GWL Realty Advisors and our wholly owned subsidiary Vertica. It includes permanent, part-time and contract employees. We do not have unionized employees. 19. New employee hire numbers represent employees hired during the reporting year. 20. Employee turnover numbers include all departures from the company, both voluntary and involuntary, including resignations, terminations, retirements, etc. Some turnover occurs due to factors outside management control, such as through the acquisition and disposition of properties.
GWL Realty Advisors | 2014 Annual Review
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GRI EC1
Data Tables
Overview Our Approach Business Performance Data Tables
About This Report GRI Index
QUANTITATIVE DATA
2014
2013
2012
GRI Indicator
Health
6
5
8
G4-EC1
Education
2
3
0
G4-EC1
12
12
13
G4-EC1
3
3
4
G4-EC1
Yes
Yes
Yes
G4-EC1
$251,552
$255,771
$254,776
G4-EC1
1,296
786
1,040
G4-EC1
N/A
N/A
N/A
G4-EC1
COMMUNITY INVESTMENT Type of cause21
Community support and development Housing Type of investment Charitable contributions22 Breakdown of investment Cash contribution In-kind giving, product or service donations (hours)23 Management overhead 21. Number of organizations (by type) which GWLRA supported.
22. These values represent the sum total of charitable contributions made to external organizations from: 1) Great-West Life on GWLRA’s behalf (e.g., monies contributed to Habitat for Humanity); 2) Monies raised for Habitat for Humanity from GWLRA partner organizations and GWLRA employees; 3) Monies donated by GWLRA staff to the United Way campaign; 4) Monies donated by GWLRA to various causes (e.g., education, health, arts and culture, civic projects, community support and development, etc.). 23. GWLRA employee hours contributed for Habitat for Humanity build days.
GWL Realty Advisors | 2014 Annual Review
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GRI 9 | 17 | 18 | 28 | 29 | 30 | 33
Overview
ABOUT THIS REPORT
Our Approach
We are committed to accurate, transparent and focused reporting on the topics that matter most to our business and our stakeholders.
Business Performance
integrate both financial and nonfinancial aspects into our business.
Data Tables
We strive to continuously improve the scope of our report, and we do so on an annual basis as part of our commitment to being open and transparent about our business.
About This Report
GRI Index
As we evolve the quality and content of our report, we will consider obtaining external assurance.
REPORTING SCOPE This annual review covers the business performance of GWL Realty Advisors Inc. and its wholly owned subsidiary, Vertica Resident Services Inc., for the 2014 calendar year. Our previous annual review was published last year for the 2013 calendar year. We have expanded the scope of our report this year as part of our commitment to inform a broader stakeholder group on how we
REPORTING STANDARDS We developed the content of this report in a collaborative way, involving more than 30 internal stakeholders who provided their perspective on which topics are most important to the company and its stakeholders. We considered a broad sustainability context in defining the scope of the report, informed by a review of sector standards, peer reviews, and our business context.
We were guided by international, sustainability and sector reporting guidelines. These included the International Integrated Reporting Council (IIRC) Framework, the Global Real Estate Sustainability Benchmark Survey (GRESB), the Global Reporting Initiative (GRI) G4 Sustainability Reporting Guidelines and the Construction and Real Estate Sector Supplement (CRESS). Please refer to our GRI Index to understand how elements of the GRI Reporting this report.
Our environmental (energy, greenhouse gas emissions, water, and waste) data is provided for the assets under management where we have operational control, specifically relating to our office and multiresidential real estate properties, unless specified otherwise.
DATA COVERAGE Data in this report covers our operations across Canada as of December 31, 2014, unless otherwise stated.
Our online report saves paper and makes it easy for readers to access supplementary information. GWL Realty Advisors | 2014 Annual Review
42
GRI 11 | 32
Overview Our Approach Business Performance Data Tables About This Report GRI Index
GRI INDEX GENERAL STANDARD DISCLOSURES
Sections
Pages
President’s Message
4-5
Explanations/Omissions
STRATEGY AND ANALYSIS G4-1
Statement from the most senior decision-maker
ORGANIZATIONAL PROFILE G4-3
Name of the organization
Back cover
50
G4-4
Primary brands, products and services
Who We Are/What We Do
10
G4-5
Location of the organization’s headquarters
Back cover
50
G4-6
Number and names of countries where the organization operates
Performance Highlights
7
G4-7
Nature of ownership and legal form
Who We Are/What We Do
10
G4-8
Markets served
Performance Highlights
6-7
G4-9
Scale of the reporting organization
Performance Highlights, Data Tables, About This Report
6-7, 38, 42
G4-10 Size of the workforce
Data Tables
38
G4-11 Employees covered by collective bargaining agreements
GRI Index
43
G4-12 Organization’s supply chain
Business Integrity - Responsible Business Practices
16
G4-13 Significant changes to size, ownership or supply chain
N/A
N/A
G4-14 Precautionary principle
Responsible Management Risk Management
12
We do not have unionized employees.
We’ve made no significant changes to size, ownership or supply chain.
GWL Realty Advisors | 2014 Annual Review
43
GRI 32
GRI Index | General Standard Disclosures
Overview
GENERAL STANDARD DISCLOSURES
Sections
Pages
Our Approach
G4-15 Externally developed economic, environmental and social initiatives
Awards and Industry Memberships
9
G4-16 List of memberships of associations
Awards and Industry Memberships
9
Business Performance
Explanations/Omissions
IDENTIFIED MATERIAL ASPECTS AND BOUNDARIES
Data Tables
G4-17 Entities included in the organization’s financial statements
About This Report
42
About This Report
G4-18 Process for defining report content and aspect boundaries
About This Report – Reporting Standards
42
G4-19 Material aspects identified
Vision and Strategy, Business Integrity, Value Creation, Operational Excellence, Sustainability, Employer of Choice
11, 15, 18, 22, 26, 30
G4-20 Aspect boundary within the organization
N/A
N/A
Not reported this year but we will explore doing so in the future.
G4-21 Aspect boundary outside the organization
N/A
N/A
Not reported this year but we will explore doing so in the future.
G4-22 Restatements of information provided in previous reports
N/A
N/A
This is our first report.
G4-23 Significant changes from previous reporting periods
N/A
N/A
This is our first report.
GRI Index
GWL Realty Advisors | 2014 Annual Review
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GRI 32
GRI Index | General Standard Disclosures
Overview Our Approach Business Performance Data Tables About This Report GRI Index
GENERAL STANDARD DISCLOSURES
Sections
Pages
G4-24 Stakeholder groups
Stakeholder Engagement
13
G4-25 Basis for identification and selection of stakeholders
Stakeholder Engagement
13
G4-26 Organization’s approach to stakeholder engagement
Stakeholder Engagement
13
G4-27 Key topics and concerns raised through stakeholder engagement
N/A
N/A
G4-28 Reporting period
About This Report
42
G4-29 Date of most recent previous report
About This Report
42
G4-30 Reporting cycle
About This Report
42
G4-31 Contact point for questions
Back cover
50
G4-32 GRI Content Index
GRI Index
43-49
G4-33 Assurance
About This Report
42
G4-34 Governance structure
Responsible Management
12
G4-35 Process for delegating authority for economic, environmental and social (EES) topics
Responsible Management
12
G4-36 Executive-level position with EES responsibility
Responsible Management
12
G4-38 Composition of the highest governance body and its committees
Responsible Management
12
Explanations/Omissions
STAKEHOLDER ENGAGEMENT
Not reported this year but we will explore doing so in the future.
REPORT PROFILE
GOVERNANCE
GWL Realty Advisors | 2014 Annual Review
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GRI 32
GRI Index | General Standard Disclosures
Overview Our Approach Business Performance Data Tables About This Report GRI Index
GENERAL STANDARD DISCLOSURES
Sections
Pages
G4-42 Highest governance body’s and senior executives’ roles
Responsible Management
12
G4-45 Highest governance body’s role in identifying EES risks and opportunities
Responsible Management
12
G4-46 Highest governance body’s role in reviewing risk management for EES
Responsible Management
12
G4-48 Highest committee that formally reviews and approves sustainability report
Responsible Management
12
G4-56 Values, principles, standards and norms of behaviour
Responsible Management, Business Integrity
12, 16
G4-57 Mechanisms for seeking advice on ethical and lawful behaviour
Business Integrity - Ombudsman and Whistleblowing
16
Explanations/Omissions
ETHICS AND INTEGRITY
GWL Realty Advisors | 2014 Annual Review
46
GRI 32
GRI Index
Overview Our Approach
SPECIFIC STANDARD DISCLOSURES
Sections
Pages
Performance Highlights, Data Tables
6-7, 41
ECONOMIC G4-EC1
Direct economic value generated and distributed
Business Performance
G4-DMA Indirect economic impacts disclosures on management approach
Value Creation
19-20
Data Tables
G4-EC7
Value Creation
19-20
About This Report
G4-EC8 Significant indirect economic impacts
Value Creation
19-20
G4-DMA Procurement practices disclosures on management approach
Business Integrity
16
G4-DMA Environment disclosures on management approach
Sustainability
26
G4-DMA Energy disclosures on management approach
Sustainability
28
G4-EN3
Energy consumption within the organization
Data Tables
34
G4-EN5
Energy intensity
Sustainability, Data Tables
27, 34
G4-EN6
Reduction of energy consumption
Sustainability
26-27
G4-DMA Water disclosures on management approach
Sustainability
28
G4-EN8
Sustainability, Data Tables
27, 35
G4-DMA Greenhouse gas (GHG) emissions disclosures on management approach
Sustainability
28
G4-EN15 Direct GHG emissions (Scope 1)
Sustainability, Data Tables
27, 33
G4-EN16 Energy indirect GHG emissions (Scope 2)
Sustainability, Data Tables
27, 33
G4-EN17 Other indirect GHG emissions (Scope 3)
Sustainability, Data Tables
27, 33
G4-EN18 GHG emissions intensity
Sustainability, Data Tables
27, 34
GRI Index
Explanations/Omissions
Development and impact of infrastructure investments
ENVIRONMENTAL
Total water withdrawal
GWL Realty Advisors | 2014 Annual Review
47
GRI 32
GRI Index | Specific Standard Disclosures
Overview
SPECIFIC STANDARD DISCLOSURES
Sections
Pages
G4-EN19 Reduction of GHG emissions
Sustainability
26-27
G4-DMA Waste disclosures on management approach
Sustainability
28
Business Performance
G4-EN23 Weight of waste by type and disposal method
Sustainability, Data Tables
27, 34-35
Data Tables
SOCIAL
About This Report
Labour G4-DMA Employment disclosures on management approach
Employer of Choice
30-31
G4-LA1 New employee hires and turnover
Data Tables
38-40
G4-LA2 Employee benefits
Employer of Choice
31
G4-DMA Occupational health and safety disclosures on management approach
Employer of Choice - Safety
32
G4-LA5 Formal joint management-worker health and safety committees
Data Tables
37
G4-LA6 Injuries, diseases and fatalities
Data Tables
37
G4-DMA Training and education disclosures on management approach
Employer of Choice
31
G4-LA9 Average hours of training per year per employee by gender, and by employee category
Data Tables
37
G4-LA10 Skills management and lifelong learning
Employer of Choice
31
G4-DMA Local communities disclosures on management approach
Value Creation
19
G4-DMA Anti-corruption disclosures on management approach
Business Integrity
16
G4-SO4 Communication and training on anti-corruption policies and procedures
Business Integrity
16
Our Approach
GRI Index
Explanations/Omissions
Society
GWL Realty Advisors | 2014 Annual Review
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GRI 32
Overview Our Approach
SPECIFIC STANDARD DISCLOSURES
Sections
Pages
G4-SO5 Confirmed incidents of corruption and actions taken
Business Integrity
16
G4-DMA Compliance disclosures on management approach
Business Integrity
16
Business Performance
Product Responsibility
Data Tables
G4-DMA Customer health and safety disclosures on management approach
Operational Excellence
23
About This Report
G4-DMA Product and service labelling disclosures on management approach
Operational Excellence
24
G4-PR5 Results of surveys measuring customer satisfaction
Operational Excellence
23
G4-DMA Customer privacy disclosures on management approach
Business Integrity
16
G4-PR8 Complaints regarding breaches of customer privacy and losses of customer data
Business Integrity
16
G4-DMA Compliance disclosures on management approach
Business Integrity
16
CRE1 Building energy intensity
Sustainability, Data Tables
26-27, 34
CRE2 Building water intensity
Sustainability, Data Tables
26-27, 35
CRE3 GHG emissions intensity from buildings
Sustainability, Data Tables
25-28, 34
CRE6 Percentage of the organization operating in verified compliance with an internationally recognized health and safety management system
Data Tables
37
CRE8 Type and number of sustainability certifications, rating and labelling schemes for new construction, management, occupation and redevelopment
Operational Excellence, Data Tables
24, 35-36
GRI Index
Explanations/Omissions
Design: THE WORKS DESIGN COMMUNICATIONS www.worksdesign.com
GRI Index | Specific Standard Disclosures
GRI G4 SECTOR-SPECIFIC
GWL Realty Advisors | 2014 Annual Review
49
GRI 3 | 5 | 31
Corporate Profile GWL Realty Advisors is a leading real estate investment advisor providing comprehensive asset management, property management, development and specialized real estate advisory services to pension funds and institutional clients. We operate across Canada, with 12 offices in major markets in British Columbia, Alberta, Manitoba, Ontario, Quebec and Nova Scotia. We employ more than 950 employees. Corporate Head Office GWL Realty Advisors Inc. 330 University Avenue, Suite 300 Toronto, ON M5G 1R8
Feedback We welcome and encourage your feedback on our annual review. Please direct any questions or comments you may have regarding the content of this report to Dahlia de Rushe, Director, Marketing & Communications.