A WORD FROM OUR CEO
2022 was a year of nearly unprecedented volatility. From persistent COVID concerns to one of the steepest interest rate increases in recent memory, the year presented no shortage of challenges. However, by focusing on our strategy, we were able to adapt despite the continued changes around us.
Our strategy starts with our residents. They are the heart of our communities, and we take pride in providing them with a leading customer experience within well-maintained communities they call home. We are also proud to be part of the solution to Canada’s housing shortage with over 3,500 units of rental housing in various stages of development. We started the initial lease-up and occupancy of our first office conversion project at The Slayte in Ottawa, creating capacity while demonstrating our commitment to sustainability.
Our team members remain our strongest asset. This year, we welcomed team members to our brand-new Montreal regional office. We also continued to focus on investments in software and systems, improvements to our processes, and we implemented robust team training programs. Our employee engagement survey had an industry-leading 86% completion rate.
2022 was a year of disciplined, targeted growth. We grew in Vancouver through acquisitions that complemented our existing footprint and value-add program. In Quebec, we acquired 8405 Place Saint-Charles on Montréal’s South Shore, a new build allows us to create upside by bringing our leading operating platform to an existing, best-in-class community. In both instances, our joint venture relationships allowed us to access capital in turbulent times.
We remain on sound financial footing. We continued to optimize our balance sheet, laddering out our debt maturity profile while reducing our exposure to variable-rate debt. Our debt to gross book value ratio of 38.3% and liquidity position gives us continued flexibility to navigate uncertain times and make strategic capital allocation decisions.
We re-invested $124M in capital into our communities; focused both on repositioning and on maintaining a strong state of repair. We improved our GRESB score through significant headway on climate-related initiatives with our CDP submission, establishment of our science-based carbon emission reduction targets, and completion of our baseline climate risk assessment. We also continued to give back. Together with CLV Group, our annual Mike McCann Charity Golf Tournament raised an astounding $1.4M to be distributed to various local charities.
We’re proud of our accomplishments in a difficult 2022 climate, and we look to the future with renewed focus on finding tangible ways to deliver value to all our stakeholders. Canada needs more housing and we are part of the solution whether by re-investing in existing communities to revitalize them and extend the life of existing properties or by building new communities for our residents to call home.
Joy moved to Canada from Trinidad as a young woman with her family in 1967. She attended Algonquin College in Ottawa and completed her studies in Accounting. Shortly after her husband also relocated to Canada. Joy joined our family in 1991 at a time when she was the only person in Accounts Payable. Today, Joy continues to be a valued member of our Accounts Payable team where she feels appreciated and supported. Click on the play button to listen to Joy’s story.
Beyond our financial support for the many charitable organizations that we work with, perhaps the most important resource that we can provide is our time. In 2022, our team members spent a total of nearly 1,000 volunteer hours within our communities. These are all fully paid hours that we allocate to our team members to support the causes nearest and dearest to them.
