Priorities
Carbon reduction
Reducing greenhouse gas emissions to progress towards a science-based net-zero target, aligned to credible third-party standards.
Climate risk and resilience
Evaluating climate risk and increasing the resilience of our portfolio to the physical impacts of climate change.
Nature and ecological systems
Promoting the restoration and regeneration of nature, actively improving the ecological systems that support our business.
Investing in decarbonization and climate resilience initiatives supports long-term asset performance.Lindsay Brand, Chief Investment Officer
Environmental Initiatives
The Kip District Phase 2
Our residential development in Etobicoke, Ontario, The Kip District Phase 2, received LEED for New Construction (LEED-NC) Gold certification 1 in 2025, achieving a sustainability goal we set for the project from day one.
This project—a condominium tower and rental tower on a six-acre master plan community near public transit—was completed in 2023 and provides more than 480 homes. From the start, Concert Properties worked with consultants and general contractors to design and implement ESG specifications to build both towers to LEED Gold Canada and Tier 2 Toronto Green Standard (TGS)2 Version 2 standards. The Kip 2 development integrated progressive green technologies, aiming for 25.5% energy-efficiency savings over the Ontario Building Code and a 34.2% reduction in GHG emissions. Key features include an integrated building automation system, in-suite HVAC systems, LED lighting throughout and high‑efficiency boilers to reduce energy consumption and carbon emissions.
Other sustainable design elements include programmable thermostats, in-suite sub-metering for electricity, water and thermal consumption and low-flow water fixtures, targeting a 35–40% reduction in water use. The development has a rainwater cistern for landscape irrigation and prioritizes waste management through multi-stream recycling, organics, and garbage diversion systems.
Sustainability Certifications
LEED-NC GOLD
To be certified, the towers demonstrated sufficient features in the categories of sustainable sites, water efficiency, energy and atmosphere, materials and resources, indoor environmental quality, innovation in design, and regional priority—which in this case included development density, community connectivity, water use reduction, and reduction in the heat island effect, which came from a green roof and underground parking.
TGS 2 Tier 2 (Version 2)
is the voluntary, enhanced performance level. To be certified, a developer must show that a project meets detailed design and performance metrics to address air quality, climate change and energy efficiency, water quality and efficiency, ecology and solid waste. Developers achieving Tier 2 can apply for a refund of a portion of development charges.
Building on Climate Risk Assessments
In 2025, we built on previous location-based climate risk assessments of our assets, advancing our understanding of flood-related risks and developing tools to better manage higher-risk assets.
The climate risk assessments conducted in 2024 indicated that a handful of Concert Properties assets were at high risk of flooding. We wanted to confirm the findings using what we know about the buildings and how they operate, and then identify effective ways to reduce risk. To do this, we held an internal climate resilience workshop with our Asset Management, Property Management and Operations teams to review asset-level risks, explore flooding scenarios and identify decision triggers.
We examined all relevant characteristics of these specific buildings to understand their vulnerabilities and the potential impacts a flood event would have on tenants’ health and safety, commercial property insurance, and the buildings or their contents. Through this work, we developed a Risk Acceptance and Resilience Action Framework to guide consistent, repeatable and financially informed decisions for our high-risk properties
Risk Acceptance and Resilience Action Framework
The framework is composed of two parts: a risk acceptance matrix and a resilience action matrix.
Risk
The risk matrix classifies assets by current flood risk level: acceptable, medium, high and very high. Each category describes expected impacts, insurance conditions, operational disruption and the financial implications of inaction. The approach provides a common language for collaboration and helps our asset managers, operations teams, risk specialists and executives identify reasonable risk levels and prioritize upgrades or operational changes.
Resilience< /em>
The resilience matrix outlines four clear signals (triggers) that prompt a review or escalation of actions. The triggers include increases in insurance premiums, reductions or exclusions in coverage, repeated small-scale flood disruptions, or potential insurance withdrawal. We will use the framework to act at the asset level and incorporate it into capital planning and tenant communications with risk classifications being regularly reviewed.
Improving Energy Efficiency and Environmental Performance
Across our income-producing properties and new developments, Concert Properties takes a forward-looking approach to carbon and GHG emissions reduction initiatives.
We continually invest in improving energy efficiency and environmental performance, while incorporating climate-related considerations in our asset planning and capital decision-making processes. Investing in decarbonization and climate resilience protects asset values and mitigates the physical and regulatory risks of climate change. These investments also improve building performance for market competitiveness and support sustainable cash flows over time.
Preparing for Net-Zero
In 2025, we made significant progress on our net-zero pathway development. We rolled out a Scope 3 GHG emissions accounting methodology, evaluated various options to achieve targets and developed a plan to manage these reductions over time. Our team reviewed operating GHG emissions and embodied carbon across asset types. We explored decarbonization opportunities (those that pay back quickly as well as more complex retrofits), and modelled reduction pathways for all scopes against third-party standards to see what was possible, because we want to ensure the targets we set are realistic and achievable. We also reviewed transition risks. To perform this work, we accessed funding through partners of the Natural Resources Canada Deep Retrofit Accelerator Initiative (DRAI). DRAI funds organizations that help building owners develop deep retrofits in commercial, institutional and mid- or high-rise multi-family residential buildings.
Concert Properties’ executive team endorsed a process for setting targets, which included refining asset-level decarbonization plans for residential and office properties, integrating decarbonization plans with our 10-year capital plan, and embedding net-zero considerations in our standard operating procedures and acquisitions due diligence.
Reducing Embodied Carbon
Two types of materials—concrete and the rebar within it—are the biggest contributors to the embodied carbon profile of a typical residential building. Concert Properties submitted our first life cycle analysis to a municipality for our TESORO condominium in Vancouver, BC, ahead of current regulations. While TESORO was our first required submission, for many years we have been conducting life-cycle assessment analysis on new development projects entering the design stage, including those where no mandate exists. This discretionary initiative reflects good sustainable practice and allows us to build internal expertise, benchmark performance and identify areas where we can further reduce embodied carbon in new developments. We focus on progressively integrating design, construction and operational strategies to reduce GHG emissions over time. Part of our net-zero modelling work in 2025 included pathways to reduce upfront embodied carbon. While achieving absolute net-zero embodied carbon isn’t yet possible with market-ready technologies and products, common strategies involve reducing emissions through design decisions and using low-carbon materials.
Carbon Reduction Through Retrofits
Upgrading existing buildings to make them more energy-efficient helps cut GHG emissions and operating costs, while creating spaces people love to work and live in. We carefully explore opportunities to retrofit building systems to ensure capital is allocated effectively and projects deliver the expected benefits. Embedding energy and carbon priorities into our capital planning is complemented by identifying relevant government and utility incentives available for a given asset. We collaborate with funding partners such as BC Hydro programs and the Rental Apartment Retrofit Accelerator Program to access funding assistance that can help make retrofit projects financially feasible.
