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editor’snote THE GREAT OUTDOORS has been more than worthy of its title this year — validating the insight of mothers and fathers everywhere, who have always understood its healthy properties and restorative powers if we’d just go play in it. In 2020, we’ve also conducted business in it (giving extra meaning to the term, open markets), turned it into an event space and strategized how to bring more of it inside.

While experts from almost every field of study and sector of the economy warn that the COVID-19 pandemic is a warm-up for dealing with the global disruption that climate change could bring, perhaps it’s good fortune that this preview has accentuated our reliance on the natural environment. Let’s work to keep it as benevolent as it is now.

Natalia Moudrak and Bailey Church maintain some of that work should happen in the accounting department. In this issue, they urge governments to assign monetary value to assets like wetlands that provide critical flood mitigation, and include them in their financial statements. Assigning the same measurable values to natural and structural infrastructure would help decision-makers and the general public better grasp the no-cost benefits that natural infrastructure provides and the economic losses incurred when it is diminished or destroyed.

COVID-19 has delayed the intended release of the 2020 National Energy Code until later next year. In this issue, we look at some new measures it is expected to introduce, along with the challenges of the quickly elapsing period to reach the objective of new net-zero-energyready (NZER) construction by 2030.

Despite the pandemic, two more prominent Canadian commercial real estate portfolios joined the GRESB benchmarking exercise for environmental, social and governance (ESG) performance this year, taking the total up to 28. That’s in keeping with the global trend that saw participation rise to 1,229 real estate entities that collectively hold 96,000 assets valued at more than USD $4.8 trillion. As we report in this issue, Canadian portfolios as a group continue to outperform their peers in the United States and many other global regions.

Sustainability insiders, offering comments in tandem with the recent online release of the 2020 Canadian results, once again chronicled the economic drivers for ESG, including risk management, operational savings and responding to investors’ expectations. They also, as has been the case at every recent annual results presentation, noted the collegiality of the Canadian industry and the sharing of insight that has helped almost all GRESB participants make gains.

That aligns both with Tom Rand’s thesis about climate capitalism and this year’s evidence that collaboration yields effective responses to COVID-19. We delve further into Rand’s views in this issue, including his assessment that real estate is well placed for the imperative transition to a low-carbon economy. He also suggests the industry’s sustainability practitioners wield important influence in building occupants’ lives.

“I don’t think the general population are energy nerds. People want to do the right thing, but they don’t really know what to do,” Rand reflects. “Programs like race2reduce give them a way to know that they’re doing the right thing. So when their kids look at them and say: ‘Hey, Mom and Dad, what did you do when the world started to get hot?’ they have an answer.”

Barbara Carss barbc@mediaedge.ca @BarbaraCarss

Canadian Property Management | December 2020 3

contents

Focus: Green Buildings, Sustainable Management & Operations 6 Green Recovery: Real estate, facilities management and construction/renovation sectors should see a share of the Canadian government’s promised early spending to stimulate a post-pandemic rebound.

8 Outcomes-based Energy Performance: EUI or TEDI code requirements could push the development industry, its supply chain and skilled trades toward a higher level of sustainability.

12 Net-Zero Learning Curve: Training and resources are needed to support interpretation, application and performance verification of tiered energy codes.

14 GRESB Growth: Twenty-eight prominent Canadian commercial real estate portfolios participate in 2020 global benchmarking of environmental, social and governance (ESG) performance.

17 Provincial Energy Efficiency Scorecard: British Columbia scores top marks, but leaves plenty of room in the passing lane.

22 Accounting For Natural Infrastructure: Governments urged to recognize and quantify the flood-risk and storm-water management value of wetlands and other green assets.

26 Green Economic Alignment: Real estate tagged as an excellent fit for climate capitalism.

30 Role Modelling Retrofit: ASHRAE demonstrates what can be done with a 1970s-era office building.

4 December 2020 | Canadian Property Management

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Canadian Government Promises COVID-19 Recovery Spending

By Barbara Carss

THE COMMERCIAL REAL estate, facilities management and construction/ retrofit sectors appear poised to capture a share of pending COVID-19 related investment announced in the Canadian government’s fall economic statement, released in late November. Finance Minister Chrystia Freeland characterized the new and continued relief measures for 2021 and beyond as a down payment on a future $70 to $100 billion spending plan.

She pledged the equivalent of 3 to 4% of GDP will be allocated to a range of green and social well-being investments with job creation potential once health-related COVID-19 concerns subside. That’s to be scoped to a three-year period unlikely to begin until after next year. More details are promised in the 2021 federal budget.

In the interim, Freeland rolled out funding for a package of economic jumpstart measures deemed safe to implement now.

She also confirmed continuation of the 6 December 2020 | Canadian Property Management

Canada Emergency Rent Subsidy at current funding levels for the period from December 20, 2020 to March 13, 2021, and a higher maximum ceiling for the Canada Emergency Wage Subsidy during the same period.

“We will support Canadians and Canadian businesses in a way that is targeted and effective,” Freeland said. “We will ensure the Canadian economy that emerges from this pandemic is greener, more inclusive, more innovative and more competitive than the one that preceded it.”

HOUSEHOLD SAVINGS HARNESSED Perhaps most significantly for green building and energy retrofit enterprises, $2.6 billion over seven years is promised for residential energy efficiency upgrades, and for recruitment and training of energy auditors to help homeowners and landlords find and capture energy savings. It’s envisioned the funds will underwrite as many as a million free home energy audits and provide

700,000 grants of up to $5,000 for energyefficient home improvements.

An additional low-cost loan fund is planned. Further details are pending, but grants for qualified recipients will be retroactive to December 1, 2020.

“The government also recognizes that homeowners and landlords need to be able to access simple and affordable financing to make deeper home energy retrofits,” the financial statement notes. “Over the coming months, the government will outline details of a low-cost loan program that integrates and builds on available energy audits and grants, and which can be easily accessed by Canadians.”

That seems to align with the government’s stated strategy to leverage pent-up household savings. The economic statement observes that many “household balance sheets are now in a better place than would normally be the case” due to the combination of COVID-19 related financial supports and

pandemicresponse FEDS INTENSIFY SCRUTINY OF CLIMATE RISK Recently tabled federal legislation would commit the Canadian government to set five-year targets and report progress in reaching the stated goal of net-zero emissions by 2050. Bill C-12, introduced in the House of Commons in late November, also includes requirements for an independent advisory body to advise the government on the transition to a low-carbon economy and hints that the Minister of Finance will employ the Task Force on Climate-related Financial Disclosures (TCFD) framework in mandated annual public reports.

As proposed, the first target will be set for 2030, followed by targets for 2035, 2040 and 2045. Along the way, the Minister of Environment and Climate Change will be required to: present an emissions reduction plan; report on its implementation and effectiveness; investigate and explain shortcomings in complying with the plan; and, if necessary, devise tactics to get back on track.

The proposed legislation also directs the Minister of Finance to “prepare an annual report respecting key measures that the federal public administration has taken to manage its financial risks and opportunities related to climate change”. Canada signed on to the TCFD in March 2019.

“We need to continue to show that we are serious about meeting the future demands of global markets and that we understand the risks of a warming climate. By further supporting the direction that businesses have already been setting, the Canadian Net-Zero Emissions Accountability Act will do exactly that,” maintains a government statement accompanying Bill C-12’s introduction.

The proposed advisory body would be tasked with examining the economic development potential in pursuing the net-zero emission targets and making recommendations about how best to tap into it. It will be asked to provide input on: the costs and opportunities of the transition period; environmental benefits; the state of technological readiness; and measures to support inclusiveness and public engagement.

“Reaching net-zero greenhouse gas emissions is what the science says we must achieve, and this 30-year project will require every future government to take actions to grow our economy while reducing emissions in every sector,” asserts Jonathan Wilkinson, Minister of Environment and Climate Change.

reduced spending opportunities linked to public health restrictions.

“This positions households to be a central force within our economic recovery,” it reasons. “These savings are a preloaded stimulus Canadians will be able to deploy once the virus is vanquished and the economy fully reopens.”

Up to $122 million of the seven-year program budget is slated to be allocated ahead of the 2021-2022 budget. Nearly $300 million has been earmarked for next year, but the bulk of the spending — more than $1.6 billion — is scheduled for budget cycles in the 2023-2025 period.

Expanded eligibility for the First-time Home Buyer Incentive, which subsidizes borrowing costs for the purchase of first homes, also seems designed to tap into individuals’ and households’ accumulated savings. New rules will come into effect in Toronto, Vancouver and Victoria in the spring of 2021, lifting the annual income threshold to qualify for the incentive to $150,000 (from the current $120,000) in those three markets.

Eligible applicants can now receive loan cost assistance for the purchase of homes worth up to 4.5 times their household income versus the current cap at four times annual earnings. That adjusts the maximum house price the program will cover from $505,000 to $722,000 in the three cities.

DEVELOPMENT & INVESTMENT There is also an investment prompt for rental housing developers through an extra $458 million over seven years for Canada Mortgage and Housing Corporation’s

(CMHC) low-interest loan fund known as the Rental Construction Financing Initiative. That’s projected to be leveraged into an additional $12 billion of lending capacity that could underwrite 28,500 units of new rental housing. The loan fund’s current lending capacity is estimated at $13.75 billion.

Beginning in 2021-22, more funds will be available to support construction of charging and fueling stations for zero-emission vehicles. The promised $150 million over three years augments an existing fund, with an initial $20 million to be added next year.

As was recently announced with the tabling of the proposed Canadian Net-Zero Emissions Accountability Act, the Finance Minister will be reporting annually on measures taken to manage financial risks and opportunities related to climate change.

The financial statement commits $7.3 million over three years to establish and support a public-private Sustainable Finance Action Council, which will be tasked with developing investment standards and disclosure protocol related to climate change, as well as offering guidance on data required to support investment decisions.

FACILITIES UPGRADES Among health-related expenditures to commence during the next 12 months, $150 million over three years has been earmarked for ventilation upgrades in public buildings.

It’s to be dispersed through two existing program gates for resilient infrastructure and safe school facilities, with $30 million slated to be delivered ahead of the 2021-22 budget year.

“This will help provincial, territorial, municipal and local governments and Indigenous communities fund projects that increase air quality and circulation, such as upgrades or conversions of heating, ventilation and air conditioning systems,” the economic statement declares.

In addition, a nearly $300 million top-up of the federal fund for ameliorating homelessness will be specifically applied to mitigate the risk of outbreaks in shelters — described in the economic statement as steps “to enable physical distancing, enhanced cleaning and other emergency health and safety measures”. That’s all to be allocated in 2021-22.

Turning to chronic health conditions, the economic statement commits $500 million in capital funds to build mercury poisoning treatment centres to serve the Asubpeeschoseewagong and Wabaseemoong First Nations. Their territories continue to be afflicted due to externally instigated dumping and environmental degradation that first began in the 1960s.

“Residents experience higher rates of chronic health problems related to mercury exposure. Community members are often required to travel to urban centres for extended stays to receive specialized treatment or access long-term care,” the economic statement acknowledges. “These centres will offer specialized care for residents to address their unique health care needs, as well as supported living for those who require it.”

The $500 million capital outlay also comes with ongoing annual operating support of $300,000. zz Canadian Property Management | December 2020 7

MARKET

TRANSFORMATIO Tiered Energy Codes Expand the Options for Builders and Policymakers

The next edition of the model National Energy Code for Buildings, now slated to be finalized and published by late 2021, will introduce new requirements and open up optional paths to push toward Canada’s target of net-zero-energy-ready (NZER) buildings by 2030. A whitepaper from Efficiency Canada examines the rationale underlying the new option for tiered codes, and looks at how the associated outcomes-based approach to compliance can support and accelerate energy performance progress. The following is an excerpt – Editor.

By Kevin Lockhart and Brendan Haley

8 December 2020 | Canadian Property Management

greencatalyst

ON THE INTEGRATION OF ENERGY into Canada’s building codes laid the groundwork for the introduction of tiered codes within the National Energy Code for Buildings (NECB) and National Building Code (NBC). Tiered codes are not new to Canada. In fact, British Columbia introduced its Energy Step Code in 2017.

A tiered code is simply an incremental approach to achieving more energy-

efficient buildings. It is a progressive series of performance-based steps that start with a familiar base building code.

A tiered code has the benefit of raising the floor of building standards and practices, thereby ensuring that all industry is competing on the same terms. While this component of the tiered code pushes those interested in only building to the minimum standard incrementally upward, it also has the effect of pulling builders and designers towards higher performance building practices and offers an opportunity to plan for future code requirements years in advance.

With a tiered code, Authorities Having Jurisdiction (AHJs) — the provinces, territories, and cities with jurisdiction over building construction — have greater flexibility in how they implement the building code. This aspect of the tiered codes is particularly valuable for two reasons.

Firstly, the tiered code eliminates the need for AHJs to develop their own unique building codes to pursue their energy eff iciency objectives. Secondly, municipalities looking to implement aggressive energy efficiency and carbon reduction strategies can easily choose a tier that meets the knowledge and capacity of their community from the well-defined upper levels of the model code.

Tiered codes present policymakers with an opportunity to formulate policies and incentives that move players at the leading edge of the market and those in the middle of the market transformation curve forward. Currently, net-zeroenerg y-rea dy ( N Z E R) bu i ld i ngs represent only a small fraction of the market for houses and buildings, but tiered codes can be a tool to initiate a market transformation approach that positions NZER buildings as the norm rather than the exception.

Other actors also benefit from a building energy code roadmap. Industry benefits f rom clea r d i re ct ion t hat h ighperformance buildings are to be the norm in the future, and can adjust business processes accordingly. Supply chains can be adapted to make high-performance products and technologies accessible and widely-available. Trades and building professionals alike can develop the knowledge and skills required to effectively construct NZER buildings.

NZER MOMENTUM As a vehicle for market transformation, the proposed tiered codes can increase the market penetration of NZER buildings and associated high-performance products and technologies. In Canada, as in the U.S., less than 1% of buildings currently constructed are considered NZER. However, each iteration of the model codes development cycle has the potential to spur the advancement of innovative products, technologies, processes and practices.

This requires a push through programs such as Natural Resources Canada’s (NRCan) ecoEII Net Zero Energy Housing Community Demonstration Project, which provided technical assistance and incentives for net-zero energy performance housing demonstration projects using off-the-shelf technologies and methods. It also requires a pull that helps to increase market demand for NZER buildings by helping home and building owners understand the benefits of high-performance buildings.

Ideally, the model codes development process stretches towards higher standards, and the sector responds with innovative solutions and programs needed to overcome those challenges. In this way, the model codes are a policy objective by which to realize technological, social and Canadian Property Management | December 2020 9

greencatalyst

An outcomes-based approach to measuring building energy performance would set a consistent target on absolute energy use and/or emissions for different types of buildings. economic change in the direction of highperformance buildings.

Commitment to a NZER model building code by 2030 is an important first step towards the market transformation of the building sector. It also represents a marked transition from traditional codes that set the minimum acceptable performance, to codes that set a clear path for future performance and increased energy efficiency.

This market transformation approach sends a strong signal to the buildings sector.

It indicates the long-term path of increased building energy standards and has the effect of both increasing capacity and reducing costs over the course of the transition to NZER buildings.

REFERENCE VS. OUTCOMES The development of Canada’s 2020 model energy and buildings codes highlights the tension between the conventional minimum standard approach and an implicit goal to promote market transformation towards highly efficient buildings. The institutional inertia associated with the traditional ways building codes are developed conflicts with the development of the model building code required for a net-zero emissions future.

The reference building approach is often expressed as a “percent better than” approach, based on requirements for building designs that achieve an obligatory percentage improvement in energy performance over the baseline reference building’s performance. It does not create accountability for actual energy performance. In contrast, an outcomesbased approach to measure building energy performance is based on actual energy use per unit of floor area.

The reference approach can favour complex (and more expensive) buildings versus incentivizing passive energy 10 December 2020 | Canadian Property Management

measures, such as window type and placement for daylighting, thermal mass and solar gains. It is also open to ma n ipulat ion, eit her t h rough misrepresentation, such as submitting an energy model for a similar but different building, or through loopholes that increase the modelled energy performance versus the actual energy performance.

An outcomes-based approach to measuring building energy performance would set a consistent target on absolute energy use and/or emissions for different types of buildings. These approaches are based on the energy consumed in a building per unit of floor area expressed over time, frequently expressed in terms of the building’s Energy Use Intensity (EUI) or Thermal Energy Demand Intensity (TEDI).

TEDI calculates the annual heat loss from a building’s envelope and ventilation, after accounting for all passive heat gains and losses. EUI looks at total energy use, including factors such as plug loads.

CLIMATE GOAL ALIGNMENT An outcomes-based approach could encourage builders and designers to put a greater emphasis on whole-building efficiency, particularly measures that boost the performance values of the building envelope and windows. It would also encourage the construction of new buildings that are better suited for adaptation to climate fluctuations and more likely to mitigate emissions.

Within the NECB’s tiered codes, the modelled performance is as follows: • A tier 1 compliant building will be expected to consume no more than the modelled building’s energy target; • A tier 2 compliant building will consume no more than 75% of the modelled building’s energy use; • A tier 3 compliant building must consume no more than 50% of the modelled building’s energy use.

Prior to the public review of the proposed 2020 energy code, the most stringent tier 4 benchmark was set at no more than 25% of the modelled building’s energy use — a target that closely reflects an accepted NZER building standard. However, this target has now been softened to 40%, largely because existing energy modelling software finds the 25% target unachievable.

Reducing the energy efficiency performance of the NECB’s highest tier moves farther away from the climate policy mission that informed the inclusion of a NZER code within the Pan-Canadian Framework on Clean Growth and Climate Change. Arguably, under the Pan-Canadian Framework’s intended impetus for market transformation, the originally tier 4 benchmark could have been retained and simply tagged as an item to be resolved, rather than allowing technical issues to limit the integrity of the intended NZER objective.

Already, voluntary programs such as Passive House, as well as British Columbia’s Energy Step Code, offer ample evidence that the Canadian buildings sector is capable of constructing buildings that are highly energy-efficient. Moreover, the tiered codes’ end-point — NZER in 2030 — provides ample time to allow building modelling software to catch up to the voluntary programs that have proven that low-energy buildings can be safely constructed, and that continue to push the performance envelope and evolve in response to lessons learned. zz Kevin Lockhart is the Efficient Buildings Lead and Brendan Haley is the Policy Director at Efficiency Canada, a not-for-profit research and advocacy organization promoting the dual economic and environmental benefits of energy efficiency.

The complete text of Strengthening Canada’s Building Code Process can be found at www.efficiencycanada.org/reportstrengthening-canadas-building-code-process.

NET-ZERO LEARNING

CURVE AHEAD

Building Stakeholders will be Navigating Unfamiliar Compliance Paths

By Andrew Pride

THE NATIONAL Energy Code for Buildings (NECB) is a compliance tool.

It provides objective-based requirements for energy use in buildings, and, for the most part, does not differentiate between building typologies.

The NECB provides a prescriptive compliance path for building envelope, lighting, HVAC, service water systems and electrical power, which are regulated energy loads. There is also an alternate compliance path that allows code users to model energy for their proposed building against a model created to mimic a building designed to minimum prescriptive code. Only regulated loads are considered in the model, which means that plug loads, elevators and process equipment are outside the scope of these codes.

The NECB2020, expected to be published in late 2021, is anticipated to add a new compliance path called tiered energy compliance. (See story, page 8) This compliance path will establish four tiers, each of which will compare to the modelled reference building called the building energy target.

The NECB does not stipulate energy use intensity (EUI). That approach would specify an absolute value to achieve — for example, 130 equivalent kilowatt-hours per square metre (ekWh/m2) for an office building — necessitating a single energy model for the proposed building.

Rather, the NECB requires two energy models. The first creates a reference building energy target based on a hypothetical building using prescriptively compliant 12 December 2020 | Canadian Property Management

building systems. The second models the proposed building. The tier levels (1 to 4) in the forthcoming NECB are to be achieved by calculating the percentage energy use of the proposed building model compared to the reference energy target.

ENFORCEMENT Building codes are typically enforced at the local level. Municipal building officials are referred to as the Authorities Having Jurisdiction (AHJ) and are responsible for reviewing building permit applications and inspecting to validate that the building is compliant with the permit and codes.

The AHJ is responsible for validating all building code objectives, which include primary objectives of safety, health, accessibility, fire and structural protection of buildings and environment. Within each of those primary objectives there are seventeen sub-objectives, one of which is to limit the use of resources, specifically energy, as it impacts the environment.

In order to assess solutions proposed under the codes’ alternative paths, the AHJ must be knowledgeable in all seventeen areas covered by the objectives. This is a demanding obligation.

AHJs have been reviewing permit applications for decades and have a tried and tested system for their review and inspections. Inspectors use checklists, often paper-based, to ensure they consistently cover all areas of the code.

However, without funding, training, systems and clear guidelines, it will be an immense challenge to integrate

inspection requirements related to tiered energy into the mix.

To be effective, the enforcement arms need support and tools to manage the additional information, which increases the work load associated with energy compliance. Meanwhile, at this stage, most AHJs will acknowledge that their primary objective is life safety, whereas energy may be viewed as a less critical component of the building verification process.

This is not to dismiss the importance of meeting code. It is a reality check that life safety must be prioritized.

However, the AHJ is not the only means of enforcement available for tiered energy codes. Provincial/territorial electrical safety authorities provide a similar function of reviewing plans and inspecting work conducted in buildings. Self-governing enforcement bodies for skilled trades such as natural gas/propane installers and elevator technicians are licensed, based on specialized training that meets provincial/territorial standards, to ensure work complies with regulatory requirements.

These trade profession enforcement options may be a way to streamline the energy code compliance process, particularly where ongoing energy and water reporting is required in the jurisdiction, or where mandatory airtightness testing is required.

The main differentiator between building officials and safety inspectors is that most building officials’ work is complete after the building is constructed, whereas the safety authorities need to remain through the building’s continued operation.

greencatalyst

RESOURCES NEEDED The Canadian government and provincial/ territorial signatories to the Pan-Canadian Framework on Clean Growth and Climate Change have committed to energy codes, and the Canadian government has set a target for all newly constructed buildings

to be net-zero-energy-ready (NZER) by 2030. Given this priority, which is also evident in many Canadian municipalities, it may make sense to review how compliance is enforced and how often it is reported.

Perhaps, with the added layer of complexity associated with tiered energy codes, it is time to consider a distinct compliance review and enforcement mechanism for buildings’ energy use. This could enable provinces, territories, and municipalities to also consider low-carbon targets for buildings that are reviewed and confirmed together with the building’s energy use compliance.

National guidelines, along with funding to support training and resources, will also be critical to support informed, consistent interpretation of tiered energy code compliance. The national guidelines should contain at a minimum: clarity on energy efficiency terminology; guidance on more challenging compliance areas (e.g. thermal bridging); reference tools (checklists, software, etc.) available to demonstrate compliance; and the modelling parameters associated with energy performance. A significant amount of work that has already been completed in jurisdictions such as British Columbia could be a starting point for the creation of national guidelines.

An electronic database of building performance levels, compliance concerns and compliance tips would be of value.

The data could be anonymized to protect the specific project information, as the output is primarily needed for lessons learned, exception handling and best practices. Utilities could also use the data to assist wit h measu rement a nd verification of programs.

Finally, without understanding if buildings are being constructed to the appropriate energy tier, there is little opportunity to improve processes.

Fu nd i ng to supp or t compl ia nc e verification should be a priority for governments at all levels. zz Andrew Pride is a strategic advisor focused on sustainability, innovative technologies and energy efficiency. He also serves as Chair of the National Research Council’s Standing Committee on Energy Efficiency (SCEE) responsible for the technical development of Canada’s national energy codes.

The preceding is an excerpt from his report and recommendations, Tiered Energy Codes: Best Practices for Code Compliance. The complete text can be found at www.efficiencycanada.org/ report-tiered-energy-codes-best-practices-forcode-compliance.

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Canadian Property Management | December 2020 13

EMBEDDING ES Canadian Portfolios Prominent as GRESB Evolves

KINGSETT CAPITAL EARNS accolades for achieving the top score a mong 28 p r om i nent C a na d ia n commercial real estate portfolios reporting to the 2020 GRESB global assessment of environmental, social and governance (ESG) performance. The real estate fund manager has additionally been recognized as the top performer for North and South America in the category of private diversified office/retail properties.

Despite the tumult of the COVID-19 pandemic, 1,229 real estate entities reported this year, representing a 22% increase from 2019. Participating portfolios from every continent except Antarctica collectively hold 96,000 real estate assets valued at more than USD $4.8 trillion.

Five other Canadian participants also emerged as 2020 leaders. QuadReal Property Group attained the highest score globally for diversified private 14 December 2020 | Canadian Property Management

portfolios. BentallGreenOak was tapped in two categories — as the manager of private industrial properties and the developer of office/residential projects in the Americas region.

GWL Realty Advisors and Brookfield P roper t y R EI T a lso led on t he development front in North and South America, with GWLRA named as the top-performing private developer of office/residential projects and Brookfield getting the nod as a listed retail developer.

Ivanhoé Cambridge was named a leader for private retail properties.

RioCan was also a standout performer in the GRESB public disclosure dataset for listed real estate companies, which is an additional reporting exercise tied to ind icators for t he d isclosu re of s u s t a i n a b i l it y g ove r n a n c e a n d implementation, operational performance data and stakeholder engagement practices. It earned the top

Canadian score —97 — and placed in level A of the dataset’s five-level hierarchy.

“Canada is number one in GRESB in North America,” affirmed Dan Winters, GRESB Head for the Americas, who sketched out the big-picture results of the 11th annual benchmarking during a late November online presentation.

More than 50% of participating Canadian portfolios were grouped in the top two brackets of results — indicating commitment, oversight, implementation and measurable outcomes related to seven different ESG aspects — with 11 earning 5-star status and six attaining a 4-star rating.

Growing from an initial handful largely aligned with major pension funds, the field of reporting participants now encompasses a broader crosssection of private companies, investment and fund managers and REITs. In

greenmetrics GRESB SEEKS B-CORP STATUS

SG addition, Canadian institutional investors hold sway among GRESB’s investor members who subscribe to the data.

“Canada has some really strong leadership emanating from the very top, from their pension plans,” Winters noted. “We’re really an investor-led phenomenon, and it’s really institutional investors that are driving us along this journey. There’s tremendous pressure and push with the capital.”

STANDOUT PERFORMANCE Although the actual collective Canadian score was not revealed, a graphic plotting of national performances among this year’s 317 portfolios based in North and South America shows Canada well ahead of the United States, Mexico and Brazil. As a global region, those participants — collectively holding nearly 43,000 real estate assets valued at more than USD $2.1 trillion — posted the lowest the score this year, at 69.

However, parsed out of the Americas pack, Winters hinted the Canadian score is much

GRESB, the global benchmark for environmental, social and governance (ESG) performance of commercial real estate portfolios and infrastructure investments, is moving out from the umbrella of the Green Building Certification Institute (GBCI) to establish independent oversight through a new non-profit foundation. The Netherlands-based private company will also pursue benefit corporation (B-Corp) certification to formally verify that it meets performance, transparency and accountability standards for generating profits that benefit society and the environment.

“We’re looking ahead to a new era for GRESB with deeper industry involvement in our governance and greater capacity to deliver the ESG data and insights needed to navigate the transition to sustainable real assets at the speed and the scale that is now required,” says Sander Paul van Tongeren, GRESB Co-founder and Managing Director.

Under the new structure, GRESB investor members will make up the foundation board, which will be tasked with annually reviewing and approving the benchmark’s standards.

Some major Canadian players — including Alberta Investment Management Corporation (AIMCo), Healthcare of Ontario Pension Plan (HOOPP), Ivanhoé Cambridge, Ontario Teachers’ Pension Plan, Oxford Properties Group and Presima — number among this group of more than 100 financial and institutional investors now relying on the data collected from a steadily expanding base of reporting entities.

Notably, 957 private real estate companies and funds, and 272 publicly traded companies and REITs participated in the 2020 real estate survey, representing more than 96,000 assets located in 64 countries.

“We welcome the establishment of a truly independent GRESB foundation to govern the GRESB standards and continue their development as investor needs evolve. This is an important evolution to reinforce that GRESB is a by-industry, for-industry, mission-driven and investor-led organization,” maintains Patrick Kanters, Managing Director, global real assets, with the GRESB investor member, APG Asset Management.

ESG champions in the Canadian commercial real estate industry likewise commend the new independent foundation, saying it will safeguard against outside parties influencing GRESB standards.

“This is global best practice now, and will make GRESB even more relevant going forward,” observes Michael Brooks, Chief Executive Officer of REALPAC and a former GRESB board member. “The pivot to a benefit corporation reflects the fact that GRESB very much is a change agent for a better world, allowing real estate companies to compare themselves with each other on a number of metrics, so everyone can be a better corporate citizen on this planet.”

GRESB management teamed with the alternative investment firm Summit Partners to reacquire its independence from GBCI, which had held GRESB in its portfolio of green building and business standards since 2014.

closer to Australia/New Zealand’s leading tally of 77. While Canada has consistently outperformed the U.S. in previous assessments, he noted that it “extended” that lead this year.

Otherwise, global region scores are more closely bunched. The 187 Asian portfolios achieved an average score of 72 across 9,650 assets collectively valued at USD $1.15 trillion. In contrast, the European score is derived from a greater number of smaller portfolios. There, 610 GRESB respondents collectively holding 40,800 assets valued at USD $1.2 trillion nudged slightly ahead of the Americas, posting an average score of 69.5.

This year’s global average of 70 might appear to be a slip from the 2019 average of 72. However, it’s reflective of new reporting requirements and a readjustment of the weights attributed to the various components of the score to place more emphasis on asset-level performance measurements.

“We are working to transform and transition into a performance environment,” Winters said.

Looking back at GRESB’s 11-year trajectory, he suggested it has been a course somewhat in parallel with the rise of realtime reporting and data analytics. Many of the initial data collection challenges that reporting entities encountered have now eased considerably.

“It was a tricky business. No one had done that before. Maybe you could get ‘spend’, but getting consumption data and being able to manipulate it and report it outwards was very, very difficult,” Winters recalled. “As we look forward, we would like to achieve performance insights and move to what we call benchmarking 2.0, where we can define and score true performance and do it with global and local targets.” zz For more information, see the GRESB website at www.gresb.com.

Canadian Property Management | December 2020 15

The 26th Annual Su rvey

of the Canadian Real Estate Industry’s Major Players & Portfolios

Who’s Who 2021

Here’s how to participate in the 26th annual Who’s Who in the Canadian Real Estate Industry survey.

Please take a moment to complete the questionnaire and email your submission to: Rachels@mediaedge.ca by February 26th, 2021.

Your participation ensures the accuracy and comprehensiveness of the list so don’t miss the opportunity.

- Barbara Carss, Editor Note:

1. This survey pertains to Canadian properties only. Please do not report any properties outside of the country.

2. If your ownership interest in any property is diluted, i.e. by a partnership, joint venture or other structure, please report only your net interest.

3. Please print your responses clearly.

4. Please provide all estimates of space managed and/or owned in square feet.

Manage Only

Own Only

Both Own and Manage

Total Sq. Ft.

1. Office Properties 2. Apartment Properties (square footage estimate per unit: 900)

3. Condominium Properties (square footage estimate per unit: 900)

4. Industrial Properties 5. Retail Properties 6. Other Properties (Government, Health Care, Hotel, Educational etc.)

Total following information will not be released in the printed listing. It is, however, essential that you include this information should we need to confirm the accuracy of the estimates you are providing.

Name: ____________________________________________________ Title: __________________________________________ Company: _________________________________________________Email: __________________________________________ Telephone: __________________________________________________Fax: __________________________________________ Please sign and date this form in the space provided to authorize this submission. ______________________________ Authorized Signature

________________________________ Date

If you 2020 have any questions, please contact Rachel Selbie by e-mail at rachels@mediaedge.ca 16 December | Canadian Property Management

greenmetrics

ROOM FOR

IMPROVEMENT Energy Efficiency Scorecard Highlights Provincial Progress or Backsliding AN EFFORT TO STOKE interprovincial energy efficiency rivalry shares some philosophical underpinnings with strategies to harness landlords’ and tenants’ competitive spirit to pursue energy and water savings in commercial buildings. In this case, it takes form in Efficiency Canada’s recently released second annual provincial scorecard, wh ich t a kes a det a iled look at commitment, outcomes and potential related to 42 energy efficiency indicators, and charts progress or backsliding against last year’s results.

“Most energy saving policies are implemented by the provinces because they control areas such as public utility regulation and building codes. The scorecard tracks provincial performance and policy initiatives, while aiming to spur healthy competition amongst policymakers,” explains James Gaede, Senior Research Associate with the notfor-profit resea rch and advocacy organization based at Carleton University,

and the lead author of the 2020 report assessing and ranking the provinces.

British Columbia and Quebec achieved the top two rankings this year, replicating their standing in the inaugural 2019 scorecard. They are also the only provinces to earn more than 50 of a possible 100 points. Nova Scotia and Ontario switched their 2019 positions to place third and forth respectively this year, while fifth-ranked Prince Edward Island is also noted as the most improved province, climbing up two slots from last year.

In general, there is plenty of room for improvement nationwide, given B.C.’s top standing with a score of 58. From there, tallies slide fairly steeply down to just 17 points for Saskatchewan and Newfoundland and Labrador.

Rankings and achieved points are as follows: • British Columbia: 58 • Quebec: 52 • Nova Scotia: 49 • Ontario: 45

• • • • • •

Prince Edward Island: 37 Manitoba: 29 New Brunswick: 27 Alberta: 24 Newfoundland and Labrador: 17 Saskatchewan: 17

“No province is reaching the levels of savings achieved by leading U.S. states such as Massachusetts and Vermont. The scorecard presents the performance benchmarks and policies Canadian provinces must hit to catch up,” maintains Brendan Haley, Policy Director with Efficiency Canada and contributor to the scorecard’s comprehensive analysis of programs, targets, funding levels and efforts within select sectors including buildings, transportation and heavy industry.

The 42 energy efficiency metrics are further grouped in five variously weighted categories. Scores are based on the most recent one-year period for which 12 months of data are available, typically going back no farther than January 2019.

Canadian Property Management | December 2020 17

greenmetrics CAPTURING ENERGY SAVINGS IN LOW-INCOME HOUSEHOLDS

Prince Edward Island and Nova Scotia are the top spenders to alleviate energy cost pressures on low-income households among Canadian provinces. Efficiency Canada’s newly released Provincial Energy Efficiency Scorecard reveals that the two Atlantic provinces provide significantly more dollars per economically stressed household — equating to $215 in PEI and $121 in Nova Scotia — than other provincial governments.

Nova Scotia, with a population of about 980,000, also has the second highest total budget after Ontario to help low-income consumers find energy savings. In 2019, Nova Scotia invested $17.8 million in targeted conservation programs, while Saskatchewan, with a population of about 1.2 million, spent $340,000.

Analysts with Efficiency Canada — a national not-for-profit organization championing the dual economic and environmental benefits of energy and water efficiency — based the interprovincial comparison on funds available to help low-income consumers capture savings and the number of households spending more than 6% of their after-tax income on energy. That’s calculated for the most recent period for which 12 months of data is available, taking it back to a 2019 start-date for seven provinces and to 2018 for PEI, Ontario and British Columbia.

The 6% benchmark to demarcate households struggling with energy costs is about double the national median for household energy spending. It’s also based on common standards that households should spend no more than 30% of income on housing, while no more than 20% of housing costs should be allocated to energy.

Roughly 20% of Canadian households are presumed to carry undue energy cost burdens, but that average rises to 37 to 41% across the four Atlantic provinces. On the flipside, the average falls below 20% in Quebec, Manitoba, Alberta and British Columbia.

Meanwhile, financial stress is a barrier to implementing energy-saving measures that come with upfront costs. “While programs targeting traditionally underserved and hard-to-reach customers yield larger benefits, realizing them is more capital-intensive and requires different outreach and engagement strategies,” Efficiency Canada analysts submit.

The scorecard shows varying spending or cost-cutting thrusts among the provinces. In the latter category, Manitoba slashed its commitment to low-income energy programs by more than 50% from the figures cited in Efficiency Canada’s inaugural scorecard released in 2019 —reducing spending per household in need by $44.16. Even so, it still ranks third among the provinces with its new per-household rate of $43.80.

From there, provincial spending per household in need slips down to Ontario’s fourth ranked $33.68. The province is scheduled to begin a new four-year round of conservation and demand management (CDM) incentive programs in January 2021, and has stated that programs for low-income residential customers are a priority.

Saskatchewan increased spending by $2.77 per household in need to push this year’s average up to $4.12 per household. That’s tied to the 2019 launch of a SaskPower pilot program for low-income households in Regina and Saskatoon. Qualifying customers were offered free home energy-use assessments and free installation of LED lights, smart thermostats, low-energy power bars and/or low-flow showerheads.

Nevertheless, the province is deeply entrenched as the most frugal investor in low-income programs with a wide margin to ninth positioned Quebec, which spent $12.60 per household in need.

While Alberta’s total spending tally of $7.7 million — equating to $32.43 per household in need — is an increase of $8.83 per household from last year’s scorecard, the data encompasses regimens of two different provincial governments. The current government dismantled the former government’s energy efficiency incentive programs in October 2019.

ALBERTA AND ONTARIO SLIP The largest proportion of the score, representing 40 possible points, is attributed to energy efficiency programs, including the net annual incremental savings and peak demand reduction those programs achieve.

In this, Prince Edward Island and Nova Scotia posted the best results with scores of 21 and 20 respectively, well ahead of Ontario’s next highest score at 13.

Efficiency Canada analysts point to slippage in two of Canada’s most populous provinces. Ontario rolled out transitionary 18 December 2020 | Canadian Property Management

conservation and demand management (CDM) programs for 2019-2020, with a reduced budget from the previous government’s mandate.

A new government in Alberta dismantled the provincial energy efficiency agency.

Alberta earned just two of the 18 possible points for energy savings and, along with Saskatchewan, scored no points for program spending.

“The reduction in program budgets and savings in Ontario and Alberta have a significant national impact,” Gaede

asserts. “If these trends continue, national efficiency and em ission reduction goals could be out of reach.”

Although Nova Scotia and Ontario both slightly edge out PEI for actual achieved savings, Canada’s smallest province registered the biggest effort in program spending — measured both per capita and per end-use demand — and for programs targeted to Indigenous and low-income energy consumers.

No province managed to capture a majority of the eight points available for setting energy-saving targets. Quebec had the top tally with 3.5 points.

BUILDINGS SECTOR Buildings account for the next largest chunk of the total score, at 19 points. British Columbia, Ontario and Nova Scotia generally emerged as the leading provinces in this category tied to codes, energy ratings and energy use disclosure, and promotion of market-leading window, space- and waterheating products.

B.C. did particularly well, securing 16 points, followed by Ontario with 11 and Nova Scotia with 10.

Thus far, only four provinces — Alberta, Nova Scotia, Ontario and Saskatchewan — have adopted the 2017 model National Energy Code (NEC) for larger commercial, institutional and multi-residential buildings covered in part 3 of the code, while B.C. has actually surpassed NEC 2017 with its own Energy Step Code. It’s also alone in making a provincial net-zero-energy-ready commitment, with a target date for all newly constructed buildings to meet that requirement.

Ontario stands out as the sole province with mandatory energy-use reporting and disclosure for larger commercial buildings, but captured only half of the four available points for this metric since it lacks energy rating initiatives for single-family homes.

British Columbia and Nova Scotia are the only provinces to offer the latter on a province-wide basis, while there are some voluntary municipal efforts in Alberta.

B.C., Ontario and Nova Scotia all captured the maximum three available points for what’s labelled “market transformation”, meaning support for the adoption of high-performance appliances and equipment through incentives, training, certification, standards and/or funding research and development. Only Alberta failed to secure any points for this metric.

The scorecard’s three other main categories cover: enabling policies (17 points); transportation (17 points); and

greenmetrics industry (7 points). Perhaps most notably here, Quebec achieved the full 17 points available in the transportation category — largely due to its support for electrical vehicles and associated infrastructure — while all other provinces except for British Columbia scored less than half that amount.

Quebec was also among the high scorers for enabling polices, earning 11 points across a the range of metrics related to financing mechanisms, research and pilot projects, energy management resources and modernization of the electricity grid. British Columbia was the top-ranked province in the category, with 12 points, while Ontario matched Quebec’s 11.

ENERGY MANAGEMENT RESOURCES Perhaps most pertinently for the commercial, institutional and industrial sectors, this category includes a metric tracking support for and uptake of certified energy managers. Nova Scotia, Ontario, British Columbia and New Brunswick all scored highly based on analysts’ calculation of the number of certified energy managers in the province divided by the number of businesses or organizations with more than 100 employees.

Ontario tops the list for sheer numbers with 1,053 certified energy managers as of

Even Newfoundland and Labrador, which is home to just two certified energy managers or 0.6 per 100 large businesses, registered an improvement.

July 2020, which works out to a ratio of 10.1 energy managers per 100 large businesses. However, Nova Scotia’s 76 certified energy managers equate to a higher ratio of 12.3 energy managers per 100 large businesses.

Manitoba and Saskatchewan were the only provinces where the ratio shrank since last year’s scorecard. Even Newfoundland and Labrador, which is home to just two certified energy managers or 0.6 per 100 large businesses, registered an improvement.

Efficiency Canada analysts also indicate they may pay greater attention to this metric, which currently accounts for two points, in subsequent editions of the scorecard.

“Future scorecards could provide more robust tracking of energy training and professionalization. This could include registration data on other certifications, such as LEED and Passive House; a more exhaustive tracking of how energy efficiency considerations are integrated in existing curricula and professional credentials; and an examination of how regulatory regimes support energy efficiency skills in the trades,” the 2020 report states. “We also hope to track multi-unit residential energy advisor certifications in future editions.” zz The complete results and analysis in the 2020 Provincial Energy Efficiency Scorecard can be found at www.scorecard.efficiencycanada.org.

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SPONSORED CONTENT

Stop Electrical Damage Before it Occurs Why thermal imaging should be part of your routine preventative maintenance plan

T

hermography is a method of inspecting electrical and mechanical equipment using specialized infrared cameras. By producing detailed images and temperature profiles of specific pieces of equipment, thermal imaging measures the infrared energy of an object’s surface, alerting facility managers to any potential threats.

Aidan Mabbott, Division Manager with Black & McDonald British Columbia Service, has seen all-too often what can happen when building electrical systems aren’t routinely scanned.

“In dusty environments, dirt and debris can build up on the electrical components, which can lead to a short circuit condition,” he says. “This often creates a spark or arc, which can ignite and cause a fire.”

For facility owners and operators, it’s nice to know that early detection and intervention can greatly minimize this risk.

HOW THE TECHNOLOGY WORKS Though infrared technology has been around for decades, thermal

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imagers used in building inspections have only been prevalent for about 15 years—and the technology has come a long way.

“Today’s imagers are flexible and detail-oriented, and they are

portable enough to take anywhere,” says Mabbott. “Equipped with rotating screens that can deliver real-time temperature graphs, we’re able to produce professional reports for our clients in a matter of minutes.”

Given most system components show an increase in temperature when malfunctioning, today’s high-powered infrared cameras enable qualified inspectors to see the heat signatures associated with high electrical resistance before the circuit becomes hot enough to cause an outage or explosion.

There can be several reasons for a malfunction, but David Carter, an electrician with Black & McDonald, says the most common root causes include: loose connections; aging equipment; and overloaded circuits. Equipment that builds up heat can also be an indication of poor installation or that cooling systems are not functioning properly.

“Whatever the reason for the increase in temperature, detecting it early can lead to substantial cost savings for the facility operator, not to mention peace of mind,” he says.

HOW OFTEN SHOULD THERMAL IMAGERS BE USED? Though recommended as part of a routine maintenance program, there is no ‘one size fits all’ approach to thermal imaging—it all depends on the type of facility and the age of the equipment.

“We often perform thermal scans on office electrical panels annually, and industrial equipment quarterly,” says Carter. “But there are many components in our electrical, plumbing and HVAC systems that have benefitted from regular thermal image scans.”

The best approach, adds Mabbott, is a custom approach. “At Black & McDonald, we look at several items before proposing a proactive maintenance program for our clients,” he says. “Some of these items include: type of business, age of equipment, run duration of machinery and the client’s budget.”

For electrical panels, Black & McDonald will often propose two options—the first being a basic surface scan of the breakers to see if there are any obvious issues with overheating. “If we discover anything abnormal we would then remove the covers for a closer look as to the cause,” he says.

The second option is a more in-depth inspection involving the complete removal of all covers to expose all of the electrical components. “We then scan all lugs and terminals, check that all wires are tightly connected and measure voltages to ensure that everything is as expected.”

When performing a thermal image scan at a building for the first time, Carter recommends his clients opt for the in-depth inspection as an “initial tune up” and overview of the equipment. Subsequently, surface scans may be all that are required given most of the issues will have been identified up front.

The bottom line is this: electrical outages and fires can be costly, disruptive, and dangerous. Taking the right steps to prevent them is in everyone’s best interest.

For more information on Black & McDonald’s thermal imaging services, please visit www.blackandmcdonald.com

ACCOUNTING

OMISSION

Financial Reporting Grappling with Natural Infrastructure

By Natalia Moudrak and Bailey Church THERE IS GROWING evidence in Canada that natural infrastructure assets provide demonstrable and valuable climateresilience benefits. Intact ecosystems, including wetlands, forests, coastal marshes, dunes and other naturally occurring systems, as well as engineered systems that mimic natural processes, can be strong complements or viable alternatives to grey infrastructure solutions for flood mitigation and other infrastructure services.

Natural infrastructure assets offer additional environmental and social benefits that are often not attained through the use of only traditional, grey infrastructure solutions. These additional benefits — often referred to as co-benefits or ancillary benefits — can include: increased biodiversity; habitat protection; carbon storage and sequestration; improved water and air quality; a reduced heat island effect, and; aesthetic, cultural, recreational and health benefits.

Governments at all levels, conservation and watershed authorities, non-government organizations and others working to protect environmentally sensitive lands should all be aware that methods exist to calculate the economic value of natural infrastructure assets. They can be assessed in dollars and cents.

Stakeholders are advised to include natural assets in their overall asset management plans alongside traditional grey infrastructure. That means developing and maintaining inventories of natural features, including their condition, and assessing the services and benefits that they provide, including storm water management and flood-risk reduction.

Natural systems can be harnessed to mitigate flood losses. Generally, the most 22 December 2020 | Canadian Property Management

proficient way to do so, in order ease and cost, are: 1. retain and maintain existing systems; 2. restore what has been lost; and 3. build what’s still needed.

Yet, Canada continues to lose natural features at a rapid pace. Wetlands are a prime example.

• In southern Ontario, an estimated 72% of naturally occurring wetlands have been lost to land conversion such as agriculture, housing development and mineral extraction over the past century; • In Alberta, approximately 64% of naturally occurring wetlands in settled areas no longer exist; • In British Columbia, more than 70% of naturally occurring wetlands have disappeared in the lower Fraser Valley and parts of Vancouver Island, while an 85% wetland loss has been documented in the South Okanagan; • Saskatchewan has lost 70% of its original wetlands in the settled areas of the province, and as much as 90%; • In the Montreal region, more than 80% of the St. Lawrence wetlands present during the earliest days of colonization have since disappeared.

OVERLOOKED ASSET A few jurisdictions have enacted policies or laws aimed at wetland conservation and restoration, including the charging of fees for permanent wetland loss.

Examples are The Alberta Wetland Policy and, in Quebec, Bill 132, An Act Respecting the Conservation of Wetlands and Bodies of Water. However, most areas of Canada lack even a “no-netloss” policy for wetlands.

Nor do public-sector f ina ncial statements recognize natural infrastructure as a valuable asset. A prohibition in the CPA Canada Public Sector Accounting Handbook states: “Purchased natural resources and Crow n la nds a re re cog n i ze d i n gover nment financial statements.

However, when natural resources and Crown lands have been inherited by the government in right of the Crown and have not been purchased, they are not given accounting recognition as assets in government financial statements.

These items are not recognized as assets because the costs, benefits and economic value of such items cannot be reasonably and verifiably quantified using existing methods.”

This exclusion illustrates the outdated belief that the value of natural infrastructure cannot be quantified. This results in conservative financial reporting, and means that users of financial statements have no way of knowing the extent or value of the natural infrastructure on public property.

Without assessing and recognizing their value, it is impossible to know how natural assets may contribute to a public sector entity’s ability to provide future services, or the extent of any liability should the natural assets become degraded and result in a failure to continue providing services. Users of public sector financial statements also have no way to gauge changes in the value of these natural assets — for example, their deterioration over time.

Ultimately this accounting approach creates a gap or failure in public sector f i n a n c i a l r e p o r t i n g. I m p o r t a n t contributions to financial health are overlooked. It obscures the enormous

greenevaluation fiscal benefits to be gained by protecting under-appreciated and undervalued ecological goods and service. Similarly, it ignores the loss of economic value when natural assets are degraded or lost.

POTENTIAL NEW GUIDANCE However, there are growing calls to broaden the scope of financial reporting. Efforts such as the the Municipal Natural Assets Initiative have conducted inventories of natural infrastructure assets to assess their economic contribution to municipal service delivery. In partnership with local governments and engineering firms, evaluators have calculated the costs saved on storm water management and other services, which would otherwise rely on traditional grey infrastructure assets.

Accounting standard setters are considering projects which may open the door to the recognition of certain natural infrastructure assets in government financial statements. The Public Sector Accounting Board of Canada has held numerous discussions on issues related to green infrastructure and natural capital, which may result in a formal project leading to establishing an accounting standard.

The International Public Sector Accounting Board has gone a step further, launching a project to develop accounting standards for natural resources in the public sector. This is a big step towards formal accounting guidance on the recognition of natural infrastructure.

All levels of government should begin to assess the value of natural infrastructure assets, including those on private land.

These values should be disclosed, and where flood-resilience benefits are apparent, a coordinated effort should be mounted to conserve, restore and manage these assets. This could be done in partnership with NGOs, watershed groups and conservation authorities.

Natural infrastructure should be considered on a watershed-wide scale because upstream conservation and restoration efforts critically influence flood risks for downstream communities. The Red River Basin Commission is one such example of inter-jurisdictional coordination for a large watershed. It oversees the management of, and flood risk-reduction activities for, the Red River, which flows through North Dakota, South Dakota, Minnesota and southern Manitoba.

A national standard for assessing the value of natural infrastructure assets based on the ecosystem, economic and societal benefits that they provide, would serve Canada well. Such a standard would also align Canada with international efforts to include nature-based solutions and natural infrastructure in various aspects of government planning and decision-making.

Canada is the co-chair of the NatureBased Solutions Action Track, which is part of the Global Commission on Adaptation.

Its mission is to motivate leaders “to implement large-scale, coordinated approaches to nature-based solutions� that can minimize climate-related risks and maxim ize econom ic, social and environmental benefits. zz Natalia Moudrak is the Director of Climate Resilience at the Intact Centre on Climate Adaptation based at the University of Waterloo, and co-author of the newly released report, Under One Umbrella: Practical Approaches for Reducing Flood Risk in Canada. For more information, see the website at www. intactcentreclimateadaptation.ca. Bailey Church is a Partner in Accounting Advisory Services with KPMG LLP.

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Upgrading Fire Safety with Compliance Connect LRI Engineering Inc. launches tech-savvy compliance program Keeping pace with fire safety compliance is difficult but critical nonetheless. And when it comes to protecting the safety of property and occupants, there's no room for "good enough." Fortunately, while the task of managing inspections, reports, and interactions has traditionally been time-consuming and demanding, there are now technologies and services that can do the heavy lifting.

“One of the main challenges for property owners and managers is simply collecting, storing, and managing all the various reports they need to stay on top of fire safety regulations,” says Allena Goodyear, Manager of Life Safety Services with LRI Engineering Inc. (LRI) “The problem is fire safety documents come in by hand, email, or through other systems. Without some way of keeping track of all that, you run the risk of missing or misplacing documents.”

What's more, Goodyear adds, the inability to find important fire safety reports when needed can result in fire code violations – or worse – the possibility of overlooking requirements that helps keep building occupants safe.

A better, more connected way Technology and third-party expertise can bring relief to many proper ty management operations, and fire safety compliance is no different. LRI’s Compliance Connect, for example, is a program launched on December 1 that blends digital solutions and professional auditing services to help property teams stay ahead of their fire safety responsibilities throughout the year.

“The goal of Compliance Connect is to offer a program which includes a software platform that helps building owners simplify their required maintenance requirements under the fire code by making sure everything they need is held and tracked in one location,” explains Goodyear.

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“The Compliance Connect program, which includes a software platform, helps owners simplify the tracking and auditing of compliance with fire code maintenance requirements.”

Through Compliance Connect, users can track which documents have been submitted, which are past due, and which may be missing altogether. Moreover, it provides a colourcoded overview of a building's fire safety compliance progress and alerts the appropriate people when corrective actions are required.

Compliance Connect's software can also be used to store and manage documents for other compliance programs, (e.g., health and safety, HR, security, etc.), enabling it to double as an all-around digital storage tool.

Providing a digital hub for document storage is just one part of LRI's fire safety compliance solution. The other is delivering third-party audits of its clients' fire safety records to ensure nothing is missed or falling short of fire code requirements. These audits include a full suite of services, including document reviews, recommendations, fire safety system life cycle assessments, budget planning consulting, or replacements of fire safety equipment.

Ultimately, adds Goodyear, “The idea is to make fire code compliance simpler and more streamlined for property management teams on a daily basis. Beyond that, we're here to serve as a partner in ensuring they're meeting all fire code expectations.”

Remote collaboration Compliance Connect delivers an online benefit to property management teams, especially in an era of work-from-home staff and hybrid teams. By providing all (approved) staff access to a single online hub, the program helps teams stay in sync and track any deviations that may result from the pandemic.

“It's been a unique year, to say the least; and although fire code responsibilities have remained in place, there are a host of restrictions and health considerations that have led to delays or backlogs,” notes Goodyear, adding, “As the world becomes 'normal' again, Compliance Connect will help

teams stay on course and make sure things aren't falling through the cracks during a busy and difficult time.”

Hands-on support Many property management operations stand to benefit from modern technology. Still, there remains a demand for specialized, human services. To that end, LRI is confident that the Compliance Connect program will bring added

efficiency, accountability, and peace of mind to what can be an arduous process.

“Fire safety compliance isn't static. It's not something you put in a binder and dust off when it comes time to fill out some forms,” says Goodyear. “So while we design and implement a fire alarm systems for our clients, it's important that we also work with property teams to make sure they're maintained and operating the way they're intended.”

Learn more about LRI Engineering and Compliance Connect. Visit www.lrifire.com or email ComplianceConnect@lrifire.com.

greenchampions

SPACE FOR CLIMATE CAPITALISM Clean Tech Backer Commends Real Estate’s Advances

By Barbara Carss

TOM RAND SEES the commercial real estate sector as a well placed ally in his envisioned strategy to counter climate disruption effectively, profitably and amiably. The clean-tech venture capitalist and author of the recently released book, The Case for Climate Capitalism, Economic Solutions for a Planet in Crisis, hosted the third annual commercial real estate sustainability trailblazers (CREST) awards earlier this fall, to recognize the achievements of collaborative landlord-tenant teams in pursuit of energy savings.

“The ability for buildings to play a role as urban-centred power points and as urbancentred focuses of efficiency is profound,” he says. “I think that sector has figured out: This is really low-hanging fruit. We can be a hero of the climate story, and make money being a hero of the climate story.”

The online CREST awards ceremony capped the third year of the race2reduce corporate challenge, sponsored by the Building Owners and Managers Association (BOMA) of Greater Toronto, which pits participating buildings in a friendly competition aimed at collectively reducing energy consumption by 10% compared to 2017. CREST awards are bestowed for energy management 26 December 2020 | Canadian Property Management

leadership in five categories of building size from less than 50,000 to more than 500,000 square feet, along with awards to recognize innovation and collaborative excellence across the entire field of participants.

More than 560 buildings and associated landlord-tenant teams were entered in the 2020 race via their enrollment in ENERGY STAR Portfolio Manager. Participating owners/ managers are encouraged to engage tenants through communications and activities and/or to reach out to a third-party energy management service provider on the list of designated race2reduce ambassadors.

“The impact of the race continues to deepen across the electricity, natural gas, water and waste performance areas,” says Susan Allen, BOMA Toronto’s President and Chief Executive Officer. “Over the three years, we have seen our member commitment continue to grow with even more determination to win one of these coveted awards.”

For his part, Rand commends race2reduce for energy-saving results — estimated at 19 gigawatt-hours or 19 million kilowatthours over the first two years of the three-year race — and for

greenchampions advancing the notion that energy-saving behaviour is simple, collegial and perhaps even fun. That’s in keeping with his new book’s thesis that there is much common ground to be staked and common good to be reaped in a non-combative, multi-sectoral approach to climate risk.

“It’s a perfect example of enabling and empowering people to play a role, directly and positively, in a problem that is normally too big to think about,” Rand submits. “Race2reduce normalizes a certain kind of activity, a certain kind of relationship between landlords and tenants. The whole trick is you have to give the average person, who may or may not care or know much about this stuff, a way to act.

That’s what these kinds of programs do.”

ECONOMIC GAINS Turning to that big, often inscrutable problem of climate change, Rand characterizes commercial real estate among the sectors that could be set for a happier transition to a low-carbon economy. In his book, he sketches out his own experience as co-developer of Toronto’s Planet Traveler Hostel, a renovation and retrofit of an early 20th century commercial building undertaken in 2008.

His targeted 75% reduction in energy consumption was achieved with the installation of geothermal heating and cooling, solar thermal pre-heating for domestic hot water, heat recovery from shower drains, LED lighting and smart thermostats at a cost of approximately 5% of the value of the building.

Collectively, these energy efficiency upgrades came with about a three-year payback, but the development partners opted to fund them by borrowing against the value of the building.

“The loan payments are less than the energy savings. That’s the kicker: we were making more money from day one and are wealthier as hoteliers for making the decision to massively reduce energy,” Rand recounts in his book. “That’s better than free. It’s a no-brainer.”

It’s also a lesson, he acknowledges, in which many commercial landlords are already well versed. Sophisticated capital budgeters have long since gone from merely justifying to embracing the business case for reducing GHG emissions.

“It’s easy for the commercial real estate side, and increasingly the residential side, to play a very proactive role. They can do it without sacrificing their profits and I think that’s a wonderful thing to see,” Rand reflects. “The interesting thing now to see is the deployment of next-generation technologies across that portfolio. Whether it’s analytics or next-generation heat pumps or windows or buildingintegrated photovoltaics, there is a whole plethora of technologies that are moving forward.”

LOOSENING ENTRENCHED POSITIONS Meanwhile, steady technological advances bring more upheaval for other industries, particularly those he labels “energy incumbents” producing fossil fuels. They’re part of t he block of i nterest s h is book t ags a s host i le to acknowledging or acting to address climate risk.

Rand urges them to re-evaluate entrenched positions and get onboard with the possibilities as the price of renewable energy becomes ever more competitive. Failing that, he suggests they contemplate their exposure to economic loss and plan some contingencies.

The COVID-19 pandemic may actually have helped the latter exercise along, he contends, making it easier for senior executives of large oil and gas corporations to acknowledge that they will be writing down their assets. It has also created a scenario similar to the 2008 financial crisis where the public sector has been called on to shore up the economy.

“There is a very significant obligation owed by the private sector to the public sector, which includes citizens, because the public sector just bailed out the private sector again,” Rand asserts. “It is absolutely incumbent upon the private sector to step up and be a legitimate and earnest partner in reducing climate risk.”

He likewise chides those who view capitalism as a monolith, disregard its role in driving innovation that benefits society at large or look solely to utopian visions of a new cooperative order to solve an imminently looming climate threat. Competitive forces, he maintains, are neither inherently evil nor good.

Rather, it’s the goal of the competition that matters.

“If the competition is set up to solve climate disruption, then those powerful forces would switch to work on the side of the angels,” his book reasons. “It was cutthroat global competition that brought the price of solar panels down 90% over the past few years (a price cut now available to communes and corporations alike). Companies that provide low-cost clean solutions dominate; those that don’t, wither.”

For now, he’s waiting with interest for more details about the Canadian government’s efforts to spur that kind of green investment and job growth through a $2 billion allocation for large-scale building retrofits and matching $2 billion for clean energy.

“It’s great to see a focus on it. It’s great to see capital moving into that sector,” Rand affirms. “But it’s important that capital plays an accretive role such that more than what would normally happen under market conditions occurs.” zz

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CONTROLLING BACK-OFFICE COSTS IN COMMERCIAL REAL ESTATE MANAGEMENT The advantages of trusting the right partner and technologies COMMERCIAL REAL ESTATE MANAGEMENT TEAMS ARE UNDER PRESSURE TO CONTROL EXPENSES AND OPERATE EFFICIENTLY. THESE GOALS CAN BE CHALLENGING TO BALANCE; AND UNDERSTANDABLY, TEAMS MAY PREFER TO TACKLE EVERYTHING IN HOUSE OUT OF CONCERN FOR DATA SECURITY AND CONTROL. “Managing a property is much more complex and cost-consuming than it used to be, but like many other modern-day operations, the right partners and technologies can make a huge difference,” says Akan T. Rajah, Managing Partner with Assetsoft.

Advances in remote technologies and data security systems have made outsourcing a more attractive option for property management teams. Moreover, technologies like automation, cloud computing, and user-friendly platforms are unlocking numerous advantages. This is particularly true when used by industry SMEs (subject matter experts) who know the business inside and out and can make the best use of these tools.

“It’s about making lives easier for commercial property management talent,” adds Rajah. “With remote work and operations becoming the new norm in the post-pandemic, many are now recognizing and embracing the cost and timesaving benefits of outsourcing.”

There are many areas where commercial real estate management teams can unlock savings. Ahead are four areas to consider.

OUTSOURCING BACK-OFFICE ACCOUNTING: There are ample benefits to shifting back-office tasks to a third-party SME like AssetSoft. For one, it enables property management teams to free up valuable time and talent.

This helps talent focus on strategy-building and improving relationships with their customers, and lets the company focus on core competencies.

Also, outsourcing affords property management teams the peace of mind knowing their finances are being overseen by specialists who understand the industry, who are fluent in industry accounting software, and know how to find savings and efficiencies from any operation.

For example, Rajah adds: “Our offshoring model leverages the strength of conventional outsourcing, but ensures the client has direct control on their business outcomes. Our client can establish their very own team without worrying about all legal, human resource, and technical requirements.”

GOING DIGITAL: Paper-based processes are time-consuming and vulnerable to delays, disruptions, and human error. Important documents (e.g., leases, bills, correspondence, etc.) can be corrupted or misplaced, and key deadlines can fall by the wayside. Trusting the process to sophisticated asset management software helps to standardize processes, on the other hand, boosts accuracy and accountability, generates actionable data and insights, and keeps everyone on the same page. Teams can also rest easier knowing their sensitive financial data is being collected and managed appropriately.

“Data privacy and security can be a concern, which is why outsourcing partners like ourselves need to do everything we can to be a trusted cloud solution provider. That means ensuring we have 24/7 server operation monitoring, data recovery, encryption, and other critical security measures to protect organizations from data loss to hardware failure or power outages,” explains Rajah.

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“With remote work and operations becoming the new norm in the post-pandemic, many are now recognizing and embracing the cost and time-saving benefits of outsourcing.”

Trusting either of these processes to third-party specialists has its advantages. In addition to saving time, outsourcing lease audits and abstractions let teams get a fresh and impartial pair of “eyes” on their lease agreements, who can find uncovered issues or new cost-saving opportunities. This process also helps teams avoid tenant disputes and correct irregularities. Lastly, the data from a lease abstraction can be helpful in times of disposition, mortgage, mergers, or take-overs.

Speaking to these advantages, Anil Jamani, Vice President of Finances at Colliers International, an AssetSoft client, notes, “The costbenefit for outsourcing lease abstractions at Colliers is the time saving for our team. We are more able to execute in an expedited manner and focus on higher-level analysis.”

EMBRACING AUTOMATION: Automation (or “Robotic Process Automation”) represents a new way of operational efficiencies and intelligence. Automated systems can streamline repetitive tasks, monitor processes, and ensure tasks are being done efficiently and exactly as planned. In property management, automation can be particularly helpful in strengthening common tasks or more complex tasks prone to human error such as generating leases using abstracted data, reviewing trial balances, disaster recovery testing, and similar activities. These are all advantages that should not be overlooked.

LEASE AUDIT/ABSTRACTION: It’s common for commercial real estate managers to lose money due to disconnects between the charges stated in a lease contract and the actual money collected from tenants. Through a lease audit, however, teams can confirm that the expenses they are charging for (e.g., rent, utilities, etc.) are the same as what was agreed upon from the start.

Also, lease audits help pinpoint any other irregularities or red flags that might save even more costs that would have otherwise gone unnoticed.

Lease abstractions offer similar benefits. Through this process, specialists can extract and summarize key information from leases, which are often long and needlessly complex.

CAM RECONCILIATION: Common Area Maintenance (CAM) is crucial for maintaining optimal conditions in commercial real estate value. CAM reconciliation, by extension, is a process that ensures landlords cover the costs of common areas via a separate bill.

That said, the calculations for CAM reconciliation can differ from one tenant to the next depending on their square footage and other factors (e.g., case exclusion, CAP, tax parcel, gross-up, etc.) that can change every year. Herein, CAM reconciliation services, such as the ones offered

by Rajah and the Assesoft team, blends talent and technology to ensure the fees are being charged fairly and consistently and that the calculations are in line with the lease document.

“CAM reconciliation only happens once a year, but it is important to get right,” says Rachana Khandelwal, Director at Assetsoft. “That’s why we're happy to either handle that responsibility on our end or help teams set-up the right processes within their own system.”

Managing commercial real estate is no small feat. Neither is doing so in a way that saves time, money, and headaches for management teams.

The upside is that today’s property management teams have access to specialists with technologies that can lighten their load while protecting their bottom line.

The Assetsoft team encourages any questions and inquiries. Email them at learnmore@assetsoftbiz or visit their website at www.Assetsoft.biz.

greenpotential

ASHRAE PROVES RETROFIT POSSIBILITIES

1970s-era Office Building Remade as Net-Zero-Energy Role Model ASHRAE’S NEW GLOBAL headquarters is a 20th century building remade to deliver high-level 21st century energy performance. The 110-member staff has been settling into the newly renovated and retrofitted 42-year-old office building, intended to physically embody the global society’s mandate to advance human wellbeing through sustainable technology in the built environment.

The extensive overhaul to transform the three-storey, 66,700-square-foot structure into a net-zero-energy building commenced in January 2020. It reflects a deliberate decision of ASHRAE’s executive and broader membership to create a tangible example of what can be achieved in existing buildings, particularly those that date back to the era of low energy costs.

“Although new construction of net-zeroenergy buildings make a lot of headlines, reuse of existing structures is a basic tenet of sustainability,” affirms Ginger Scoggins, Chair of the ASHRAE committee struck to monitor the project. “The energy performance of existing buildings must be addressed to substantially impact the 40% of primary energy consumed by buildings.”

The new headquarters has a modelled energy use intensity of 17,000 British thermal units (BTU) per square foot per year or less than 0.005 kilowatt-hours per square foot per year (kWh/ft2/yr). It is slated to achieve net-zero energy status once the solar photovoltaic system is installed in early 2021.

Some of the other notable sustainable and energy-saving features include: • Radiant ceiling panel system, used for heating and cooling; • Dedicated outdoor air system for outdoor air ventilation with enthalpy heat recovery; • Overhead fresh air distribution system augmented with reversible ceiling fans in the open office areas and displacement distribution in the learning centre; • Six water source-heat pumps (WSHPs) four on basement level and two on upper level atrium that will be used to condition these spaces; 30 December 2020 | Canadian Property Management

• Demand Control Ventilation (DCV) for high-occupancy spaces in the meeting and learning centre; • Fabric duct for air distribution in office areas, reducing diffuser count and duct branches; • On-site electric vehicle charging stations available for guests and staff; • 18 new skylights and reconfigured window/wall ratio.

Building occupants enjoy the benefits of 30% more outside air than the minimum ventilation rate set in ASHRAE standard 62.1, Ventilation for Acceptable Indoor Air Quality. Given the ongoing spectre of COVID-19, building operators will also look to the guidance of ASHRAE’s epidemic task force and implement recommended measures for commercial office buildings as needed.

The Society’s theme for 2020-21, the ASHRAE Digital Lighthouse and Industry 4.0 — as chosen by this year’s President, Charles Gulledge — is in evidence in the headquarters’ digitally connected technology including, remote monitoring and analysis, online dashboards and advanced BAS (building automation system) integration with other systems. An advanced conferencing system enables

Gulledge’s envisioned “digital lighthouse” teaching resource.

“A S H R A E ’s f i r s t- o f- i t s - k i n d headquarters building was designed as a living showcase of what’s possible through technology integration to increase efficiency, protect people and property, and enhance the occupant experience,” he says.

The 11-acre site in the Atlanta suburb of Peachtree Corners offers easy access to a nearby lake, greenspace and walking trails, along with urban amenities like restaurants and public transit. It was acquired and transformed with the help of USD $10.2 million raised from corporate and stakeholder donations.

“It is this support that not only shows our donors’ alignment with ASHRAE’s sustainability goals, but helps us to address the challenges of designing and operating buildings in a technology-driven environment,” obser ves ASH R A E immediate Past President, Darryl Boyce, who also serves on the building committee. “ASHRAE’s new global headquarters is an example of an effective built environment that fully considers the importance of effective operations by installing the systems and equipment in a manner that facilitates operation and maintenance.” zz

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