Materiality assessment

CSR management conducted a materiality assessment for our portfolio in 2018–2019 for this report. We have opted to consult with stakeholders every other year in order to be able to act on the adjustments they propose.

The objective of this assessment was to identify the factors perceived as the most important by these stakeholders, including those who work for the organization and our external partners. The CSR content was driven by the findings of the materiality assessment, as required by the underlying GRI reporting principles. The focus is larger than previous reports and includes our full portfolio.

Main steps involved in selecting topics

Fall 2018

1

Update sustainability and stakeholder issues

A list of 23 relevant CSR-related aspects, covering the environmental, social and government realms, was drawn up based on our investments and their impact. We also updated our list of stakeholders according to five criteria: responsibility, proximity, influence, dependency and impact.

Main stakeholder categories

Shareholders, affiliations, customers, employees, suppliers, property managers, senior management, tenants, business partners (including property managers) and community partners

Winter 2019

2

Prioritize issues (online survey)

An initial electronic survey was conducted with all identified stakeholders to gauge the relative importance of each aspect. The internal stakeholders’ point of view was derived from a survey of employees and senior management. All other stakeholders were grouped together. The survey findings for the activity report are presented in the following graph.

3

Validate issues (roundtables)

Following the survey, mixed roundtables were held in Montreal, Toronto and online to gather feedback on the results of the exercise. These discussions allowed us to improve our understanding of stakeholder expectations, to better target our strategic CSR priorities and to make ongoing improvements to our reports.

4

Map out issues (graph)

The following matrix represents the survey where the aspects evaluated as the most important are located in the upper right corner. All participants rated the aspects from 2.75 to 4, on a scale of 1 to 4. Thanks to this analysis, we were able to identify some of the content to be highlighted in this activity report and on our website.

Materiality matrix

graphique-materialite-en

Material aspects

Employment and working conditions

Equity, diversity and equality of employment opportunities

Health and safety

Training and skills development

Employee engagement and retention

Social and community impact

Economic vitality

Economic performance and financial results

Business innovation

Responsible procurement

Operational carbon footprint

Preservation and upgrading of built heritage

Commitment of business partners

Integration of sustainable development into business decisions

Social acceptance of real estate projects

Development of innovative services

Management of greenhouse gas emissions

Energy management

Raw materials management

Residual materials management

Water management

Conservation of urban biodiversity

Adaptation to climate change

The aspects in bold are addressed in this report.

Our stakeholders’ commitment

The materiality assessment allows us to gain a deeper understanding of our stakeholders’ expectations with regard to corporate social responsibility.

The materiality matrix shows that our internal and external stakeholders attach the same importance to environmental aspects. We can also observe that more internal stakeholders consider social factors related to employees’ work conditions as important. In addition, we can conclude that all of our stakeholders have a greater interest in aspects over which they can exert a certain amount of influence.

The roundtables showed that our stakeholders expect us to continue our efforts to minimize our environmental footprint. In addition, they want us to share more of our CSR initiatives with them in order to continue to have a positive impact, which will enable them, in turn, to improve their own environmental and social performance.