Killam Apartment REIT Provides ESG Update
Killam Apartment REIT (TSX: KMP.UN) ("Killam" or the "REIT") is pleased to announce that its comprehensive Environmental, Social and Governance (“ESG”) program has earned a green, three-star designation for the 2022 GRESB real estate assessment. Killam achieved a 15% score improvement from its 2021 rating. Killam has also maintained its GRESB Public Disclosure survey rating of "A", outperforming the global scoring average of "B". For further information on GRESB, please see “About GRESB” below.
“We are committed to moving forward on our ESG program and are pleased to see our initiatives reflected in improved third party ESG and sustainability assessments”, noted Philip Fraser, Killam’s President and CEO. “We have set long-term ESG objectives and are making progress on all targets. One of our goals is to produce a minimum of 10% of operationally controlled electricity consumed by the portfolio through renewable energy sources by 2025. Killam is making significant progress toward this goal; as a result of installations completed to-date, we are now generating 3.75% of controllable building electricity through renewable sources.”
Geothermal Energy
Killam recently commissioned its sixth geothermal heating and cooling system, increasing its unit count using geothermal technology to 1,021 apartment units. The newest installation is at Civic 66, a new 169-unit development in Kitchener, Ontario, which is scheduled to open in the first half of 2023. This system is expected to reduce heating and cooling energy consumption by approximately 25% when compared to conventional heating and cooling sources.
Waste Heat Recovery
The Carrick, a 139-unit apartment building being constructed in Waterloo, Ontario, will be Killam’s first use of the Piranha wastewater heat recovery system. This system includes a large storage tank in the basement where the Piranha heat pumps remove heat energy from the building’s wastewater and transfer it to the incoming water for domestic use in the units. This system is expected to reduce the Carrick’s hot water energy consumption by 411,000 kWh annually compared to conventional heating sources.
PV Solar Panels
Killam has completed 17 solar installations to date, increasing its installed solar capacity to 1,529 kW with an estimated annual production of 1,715,585 kWh. Killam’s newest solar investment is a 97-kW installation at the Vibe, a 176-unit building in Edmonton, and is expected to generate 106,000 kWh of renewable electricity annually, reducing total building electricity consumption by approximately 14%. This marks Killam’s first solar installation in Alberta.
Level II Electric Vehicle Charging stations
Killam is rolling out Level II electric vehicle charging stations across its portfolio. To date, 113 charging stations have been installed at 19 properties, with an additional 112 charging stations at 17 different properties underway. Killam is committed to installing an additional 252 chargers through a Natural Resources Canada grant awarded last year.
Building Certifications
Ensuring its buildings have the best operating and healthy living standards is a priority at Killam. In 2021, Killam piloted BOMA Best, FitWel and the Certified Rental Building Program certifications, and continues to recognize many benefits from implementing these programs. Killam has a long-term target to pursue green, building health and operating certifications across a minimum of 20% of its portfolio by 2025. To date, Killam has earned certifications for 988 apartment units, representing 5.1% of its apartment portfolio and is pursuing certifications for another 1,500 units this year.
Additional details on Killam's ESG initiatives and goals can be found in Killam Apartment REIT’s 2021 ESG Report, and on the Killam ESG website.
About Killam Apartment REIT
Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada’s largest residential real estate investment trusts, owning, operating, and developing a $4.8 billion portfolio of apartments and manufactured home communities. Killam’s strategy is to enhance value and profitability by focusing on three priorities: 1) increasing earnings from existing operations, 2) expanding the portfolio and diversifying geographically through accretive acquisitions, with an emphasis on newer properties, and 3) developing high-quality properties in its core markets.
About GRESB
GRESB, the global ESG benchmark for real estate and infrastructure investments, evaluates hundreds of real estate companies worldwide in areas such as management, governance, sustainability, environmental and social programs, and policies. GRESB is a mission-driven and investor-led organization providing standardized and validated ESG data to the capital markets. The GRESB Real Estate Assessments are guided by what investors and the industry consider to be material issues in the sustainability performance of asset investments and are aligned with international reporting frameworks, goals, and emerging regulations.
For information, please contact:
Claire Hawksworth, CPA
Manager, Investor Relations & Sustainability
chawksworth@killamREIT.com
(902) 442-5322
Note: The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. Certain statements in this press release may constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "expect", "plan", "intend", “scheduled”, “committed”, “goal”, “target” or the negative of these terms or other comparable terminology, and by discussions of strategies that involve risks and uncertainties. Such forward-looking statements may include, among other things, statements regarding: Killam’s ESG journey and associated objectives, targets and goals; the proportion of renewable electricity consumed in Killam's portfolio and the timing thereof; the completion of certain projects and the timing thereof; the energy consumption reduction as a result of the use of geothermal heating and cooling systems, solar panels and waste heat recovery; renewable electricity generation; installation of electric vehicle charging stations and the timing and funding thereof; and healthy-living and green building certifications and the timing thereof.
Readers should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated or implied, or those suggested by any forward-looking statements, including: the effects, duration and government responses to the COVID-19 pandemic and other international events, and the effectiveness of measures intended to mitigate impacts thereof; competition; global, national and regional economic conditions and the availability of capital to fund further investments in Killam's business. For more exhaustive information on these risks and uncertainties, readers should refer to Killam’s most recently filed annual information form, as well as Killam's most recently filed MD&A, each of which are available at www.sedar.com. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release.
By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events may not occur. Although Management believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Further, a forward-looking statement speaks only as of the date on which such statement is made and should not be relied upon as of any other date. While Killam anticipates that subsequent events and developments may cause Killam's views to change, Killam does not intend to update or revise any forward-looking statement, whether as a result of new information, future events, circumstances, or such other factors that affect this information, except as required by law. The forward-looking statements in this press release are provided for the limited purpose of enabling current and potential investors to evaluate an investment in Killam. Readers are cautioned that such statements may not be appropriate and should not be used for any other purpose. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.