Annual Reviews - GWL Realty Advisors

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
2
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
GWL Realty Advisors | 2014 Annual Review
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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.
GWL Realty Advisors | 2014 Annual Review
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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.
GWL Realty Advisors | 2014 Annual Review
13
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
14
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
15
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
16
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
36
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
37
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
38
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
39
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
40
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
41
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
G4-15Externally 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
44
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
G4-27Key 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
G4-33Assurance
About This Report
42
G4-34 Governance structure
Responsible Management
12
G4-35Process 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
45
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
G4-45Highest governance body’s role in identifying EES risks
and opportunities
Responsible Management
12
G4-46Highest 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-DMAIndirect 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-DMAProcurement 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-DMAGreenhouse gas (GHG) emissions disclosures on
management approach
Sustainability
28
G4-EN15Direct GHG emissions (Scope 1)
Sustainability, Data Tables
27, 33
G4-EN16Energy indirect GHG emissions (Scope 2)
Sustainability, Data Tables
27, 33
G4-EN17Other indirect GHG emissions (Scope 3)
Sustainability, Data Tables
27, 33
G4-EN18GHG 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-EN19Reduction of GHG emissions
Sustainability
26-27
G4-DMAWaste disclosures on management approach
Sustainability
28
Business Performance
G4-EN23Weight of waste by type and disposal method
Sustainability, Data Tables
27,
34-35
Data Tables
SOCIAL
About This Report
Labour
G4-DMAEmployment disclosures on management approach
Employer of Choice
30-31
G4-LA1New employee hires and turnover
Data Tables
38-40
G4-LA2Employee benefits
Employer of Choice
31
G4-DMAOccupational health and safety disclosures on
management approach
Employer of Choice - Safety
32
G4-LA5Formal joint management-worker health and
safety committees
Data Tables
37
G4-LA6Injuries, diseases and fatalities
Data Tables
37
G4-DMATraining and education disclosures on management approach
Employer of Choice
31
G4-LA9Average hours of training per year per employee by gender,
and by employee category
Data Tables
37
G4-LA10Skills management and lifelong learning
Employer of Choice
31
G4-DMALocal communities disclosures on management approach
Value Creation
19
G4-DMAAnti-corruption disclosures on management approach
Business Integrity
16
G4-SO4Communication 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-SO5Confirmed incidents of corruption and actions taken
Business Integrity
16
G4-DMACompliance disclosures on management approach
Business Integrity
16
Business Performance
Product Responsibility
Data Tables
G4-DMACustomer health and safety disclosures on
management approach
Operational Excellence
23
About This Report
G4-DMAProduct and service labelling disclosures on
management approach
Operational Excellence
24
G4-PR5Results of surveys measuring customer satisfaction
Operational Excellence
23
G4-DMACustomer privacy disclosures on management approach
Business Integrity
16
G4-PR8Complaints regarding breaches of customer privacy and
losses of customer data
Business Integrity
16
G4-DMACompliance disclosures on management approach
Business Integrity
16
CRE1Building energy intensity
Sustainability, Data Tables
26-27,
34
CRE2Building water intensity
Sustainability, Data Tables
26-27,
35
CRE3GHG emissions intensity from buildings
Sustainability, Data Tables
25-28,
34
CRE6Percentage of the organization operating in verified
compliance with an internationally recognized health and
safety management system
Data Tables
37
CRE8Type 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
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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.