Hazelview ESG Report 2024

SUSTAINABILITY AT HAZELVIEW

Sustainability Report

ABOUT THIS REPORT

Our 2024 Sustainability Report (‘Sustainability Report’ or ‘this report’) communicates our significant environmental, social, and governance (ESG) topics and summarizes our activities, performance and accomplishments for the year ending December 31, 2024, unless otherwise stated. We also highlight and share details on many of our corporate programs in place to advance ESG performance in our company and in our private and public real estate investments. This report was published in August 2025 and our 2023 Sustainability Report was published in July 2024. The terms ‘sustainability’ and ‘environmental, social and governance (ESG)’ are used interchangeably.

The content of this report references recognized disclosure standards: Task Force on Climate-related Financial Disclosures (TCFD) and Sustainability Accounting Standards Board (SASB). Please see standards referenced in the Appendix of this report.

We continue to monitor developments of sustainability disclosure standards and reporting best practices, and are reviewing the Canadian Sustainability Disclosure Standards for potential voluntary adoption in future reporting periods.

For more information on sustainability at Hazelview, please contact us at sustainability@hazelview.com.

Ugo Bizzarri Managing Partner & CEO

Colleen Krempulec Head of Sustainability & Brand

LETTER FROM OUR LEADERSHIP

We are pleased to present Hazelview’s Sustainability Report and share an update on our corporate and real estate sustainability accomplishments and performance for 2024.

At Hazelview, we continue to create value for people and places. This past year, we took tangible steps to accelerate our sustainability strategy across both private and public real estate investments—transforming ambition into action. Our ESG commitments continue to serve as a cornerstone of Hazelview’s long-term corporate growth strategy, helping us scale responsibly and build resilience across our platform. In 2024, we delivered on our strategy with purpose, reinforcing our company-wide goal to develop a future-ready real estate business that is sustainable, resilient, and equitable. By implementing initiatives across our integrated platform and staying true to our mandate, we’ve evolved our approach to meet the demands of today’s dynamic economic, environmental, and social landscapes.

Turning Strategy into Action

Building on the foundation established in previous years, 2024 marked a year of execution and measurable impact. We rolled out and maintained key sustainability initiatives while tracking performance outcomes across our operations. A major milestone

this year was maintaining a 100% green building certification rate across our Canadian multi-family portfolio for the second year in a row—demonstrating our continued commitment to environmental excellence. We also completed comprehensive environmental audits across the entire portfolio, laying a robust foundation for future benchmarking and uncovering new opportunities for operational efficiency. In select properties, we launched resource efficiency pilots to test scalable solutions that reduce environmental impact and improve building performance.

Championing Community Impact

We continued to extend the value we create beyond the built environment. In 2024, we launched the Hazelview Cares Foundation—a charitable platform rooted in our commitment to supporting the communities where we live and operate. The Foundation focuses on impact areas such as housing, education and employment, health and wellbeing, and local community initiatives. We also introduced Hazelview Helping Hands, an employeeled volunteer program, and piloted RentAid,

We’ve set a company-wide goal to develop a future-ready real estate business that is sustainable, resilient and equitable.

a resident support initiative for those facing affordability challenges. These programs reflect our belief that sustainable communities are built on inclusion, compassion, and partnership.

Elevating Transparency & Accountability

Our progress was externally validated in the 2024 GRESB Assessment, where we saw year-over-year improvements in key performance indicators and earned a first-place ranking among our peer group. This result reflects our commitment to integrating sustainability into every facet of our operations and investment decisions. We also completed our inaugural submission to the UN-supported Principles for Responsible Investment (UN PRI), reinforcing our alignment with global standards for responsible investing.

Enabling Innovation

Technology continues to be a powerful enabler of our sustainability strategy. Through Hazelview Ventures, we support early-stage proptech, buildtech, and cleantech innovations that enhance sustainability performance across the built environment. In 2024, we piloted several emerging technologies that improve energy efficiency, automate performance monitoring, and centralize operational management—helping us make smarter, data-driven decisions. Embracing innovation

keeps our assets resilient, adaptive, and aligned with long-term ESG goals.

As we look to the future, our focus remains on continuous improvement, meaningful engagement, and innovation at scale. We are proud of the progress we’ve made in 2024 and energized by the opportunities ahead. Our ability to grow as a business is directly tied to how we lead on ESG—embedding it across every decision, every investment, and every community we serve.

These achievements would not be possible without the dedication of our people. We want to extend our sincere thanks to the entire Hazelview team for their contributions and support.

We invite you to explore the rest of this report, and we welcome your questions and feedback.

Sincerely,

Ugo Bizzarri, Managing Partner & CEO

Colleen Krempulec, Head of Sustainability & Brand

2024 SUSTAINABILITY HIGHLIGHTS

HAZELVIEW INVESTMENTS

Launched Hazelview Cares Foundation

Enhanced our understanding of material climate-related risks and opportunities across both Private and Public real estate investments

Recertified as a Great Place to Work™

of our employees agree that Hazelview is a great place to work

Undertook an ESG Materiality Assessment

completion rate for Belonging1 training

PRIVATE REAL ESTATE

1ST Ranked 1st in our peer group for the 2024 GRESB Canadian Multifamily Standing Investments Assessment

100% environment audit (energy, water or waste) for Canadian multi-family portfolio3

scholarships & bursaries awarded to students

hours volunteered by employees

Launched Rent Aid program 78% of residents who interacted with Hazelview were satisfied or very satisfied with their experience

reduction in Canadian multifamily portfolio energy intensity from 2023 100%

green building certification maintained for entire Canadian multifamily portfolio, for the second consecutive year through the BOMA Best and the Canadian Certified Rental Building –Living GREEN Together™ (CRBP) certification programs

2,000+

Completed our Principles for Responsible Investment (PRI) inaugural submission

individuals supported via Hazelview Helping Hands initiatives

6,500+

hours of overall training provided to employees across topics including sustainability, Belonging1 and mental health

PUBLIC REAL ESTATE

Calculated ESG risk score for all investments as part of due diligence

Modeled assets against the Carbon Risk Real Estate Monitor (CRREM) decarbonization pathway to further enhance our ability to monitor companies’ progress on ESG performance2

1 Belonging at Hazelview relates to Diversity, Equity, and Inclusion.

2 Completed where companies provided relevant data.

3 Includes and represents environmental audits completed from 2021-2024.

ABOUT HAZELVIEW INVESTMENTS & PROPERTIES

Hazelview Investments is a global real estate investment firm, with in-house development and property management.

Since 1999, Hazelview Investments has delivered strong, risk-adjusted returns across all market cycles by taking an ownership-driven approach and leveraging deep local and global market insights. We invest in both private and public real estate markets through our strategically integrated platform.

With a focus on purpose-built rental communities, Hazelview Properties manages high-quality residential properties that prioritize resident satisfaction and well-being, and foster community connection.

Core Values

Our vision is to create value for people and places. In this, we are guided by our core values:

HAZELVIEW’S GLOBAL PRESENCE

We are proud of our diverse, international, talented workforce.

TORONTO

HONG

KONG

HAMBURG

OUR SUSTAINABILITY STRATEGY

We are committed to building a future-ready real estate business in partnership with our stakeholders.

In 2020, we launched our first sustainability strategy for our Canadian multifamily portfolio. In 2023, we evolved and expanded on this work to set a company-wide sustainability goal and strategic objectives to build a future-ready business—one that is sustainable, resilient, and equitable. Our new sustainability strategy encompasses our corporate operations and public and private real estate investments.

Our 2024 strategies to achieve our over-arching sustainability goal focuses on driving social and environmental sustainability for our various stakeholders and delivering long-term value by managing sustainability risks and identifying sustainable opportunities.

ESG MATERIALITY ASSESSMENT

We undertook a materiality assessment in 2024 to validate our most significant sustainability-related impacts, risks and opportunities prioritized in our sustainability strategy. This assessment, which encompassed both our private and public real estate investments, will allow for a more fulsome understanding of how financially material ESG risks and opportunities may impact our business prospects over the short, medium and long term.

SUSTAINABILITY GOAL

This materiality assessment, coupled with the climate scenario analysis we will also complete in 2025, will inform our strategy and risk management practices to enhance the overall resilience of our business. We look forward to reporting on the outcomes of the materiality assessment and climate scenario analysis in subsequent disclosures.

Develop a future-ready real estate business that is sustainable, resilient, and equitable.

2025 KEY PRIORITIES

GLOBAL INITIATIVES

Adopt best practices for Responsible Investment and ESG risk management into our business, investment, and real estate decisions

Update departmental sustainability strategies based on the results of the ESG materiality and climate scenario analysis to further support corporate and clients’ sustainability goals

Deliver meaningful social impact programs for employees, residents, and community members and continue strong Belonging practices across our business

Continue to report transparently as a company and for each investment mandate

Finalize ESG materiality assessment and climate scenario analysis

AWARDS, ASSOCIATIONS & MEMBERSHIPS

Awards:

+ Recertified as a Great Place to Work™ in 2024, an accreditation that demonstrates to the market that we are an employer of choice and are committed to improving our workplace through reporting and analysis

+ Recertified in 2024 as one of Canada’s Most Admired Corporate Culture Award which recognizes best-in-class Canadian organizations for having cultures that enhance performance and sustain a competitive advantage

+ Best Workplaces in Real Estate & Construction (2024)

+ Best Workplaces in Ontario (2024)

Associations and Memberships:

+ Canadian Centre for Diversity and Inclusion (CCDI)

+ Canadian Federation of Apartment Associations (CFAA)

+ Federation of Rental-housing Providers of Ontario (FRPO)

+ Real Property Association of Canada (REALPAC)

+ Investment Property Owners Association of Nova Scotia (IPOANS)

+ Canadian Chamber of Commerce’s Housing and Development Strategy Council

+ CD Howe Institute’s project Facilitating Institutional Investment in Rental Housing Stock

Global Initiatives:

+ Global Real Estate Survey Benchmark (GRESB)

+ Principles for Responsible Investment (PRI)

AWARDS, ASSOCIATIONS & MEMBERSHIPS

SUSTAINABILITY GOVERNANCE

Our sustainability progress is rooted in strong governance.

SUSTAINABILITY GOVERNANCE

Governance Overview

Hazelview’s sustainability strategy is embedded within our corporate operations, investments and funds, and aligns with our governance framework. The Managing Partner, Head of Sustainability & Brand is responsible for managing and implementing the sustainability strategy. Their mandate includes overseeing Hazelview’s sustainability program and disclosure, including environmental & social performance, measurement, and reporting in addition to leading quarterly meetings with the Sustainability Steering Committee. The Managing Partner, Chief Human Resources & Strategy Officer has oversight and responsibility for sustainability which includes climate and Belonging at Hazelview.

In 2024 we increased the size of the Diversity, Equity and Inclusion (DEI) Committee to include representatives from various departments and regions, fostering a more comprehensive and diverse range of perspectives. This expansion aimed to enhance decision-making and ensure that initiatives are tailored to the unique needs of all teams within the organization.

Linking Compensation to Sustainability Objectives

All individuals with sustainability-related responsibilities have performance targets and objectives which are linked to their compensation. Annual bonuses are based on individual performance which includes performance related to the sustainability targets for which they are responsible.

Sustainability Oversight and Accountability

Sustainability

Steering Committee

Description:

Cross-functional Senior and Executive Team members from property management, investment management and public securities teams that oversee and advise on sustainability implementation across the company

Responsibilities:

+ Meets quarterly to discuss sustainability activities, performance and plans, and reports key activities and outcomes to the CEO and Executive Team

+ Leads implementation of sustainability priorities within each line of business

+ Submits annual GRESB and PRI surveys

+ Reviews the Sustainability Policy and approves updates

+ Oversees strategic sustainability initiatives such as the ESG materiality assessment and climate-related work and disseminates results to committee members

+ Approves the Sustainability Report

Diversity, Equity & Inclusion (DEI) Committee

Description:

Diverse group of Hazelview team members with the mission to guide the implementation of our corporate DEI strategy

Responsibilities:

+ Meets quarterly to discuss strategies for fostering diversity, equity, inclusion and belonging within the organization

+ Leads the implementation of Belonging priorities across departments

+ Reviews the DEI Policy and approves updates

+ Reports key activities and outcomes to the Executive Champion

SUSTAINABILITY POLICIES & PROCEDURES

We recognize that policies are a key component of sustainability governance and support overall accountability on our sustainability-related commitments by enabling us to measure and report our progress.

SUSTAINABILITY POLICY

Summarizes and guides our actions on sustainability. The policy was updated in 2024 to include our approach to managing and protecting Human Rights across the portfolio. The Managing Partner, Head of Sustainability and Brand is responsible for stewarding the policy’s implementation across the Hazelview business and the policy is reviewed annually and updated at least every two years.

DIVERSITY, EQUITY & INCLUSION POLICY

Summarizes our vision, goals, pillars and commitments to diversity, equity, and inclusion. The policy outlines how we will advance DEI and belonging within our company and measure progress using both quantitative and qualitative results. The policy applies to our internal practices and may be applicable to our vendors and partners where necessary.

RESPONSIBLE INVESTMENT POLICY

Defines how we consider ESG and climate-related risks within our investment process and defines how we integrate ESG topics during asset ownership. The policy will evolve to incorporate findings from our ESG materiality assessment, ensuring that the most impactful topics are considered throughout the investment lifecycle.

CODE OF BUSINESS CONDUCT & ETHICS

Defines our expectations of our employees to uphold fundamental values and ethical standards in all aspects of their work and Hazelview’s business. Sets out guidance with respect to conflicts of interest, protection of Hazelview’s assets and resources, confidential information, intellectual property, and creating a positive work environment.

SUSTAINABLE DEVELOPMENT POLICY

We recognize that the buildings we develop will be an important part of our communities for decades to come, underscoring the importance of thoughtfully integrating sustainability from the earliest stages of development and throughout the property’s life cycle. The policy defines our practices and ambitions to align with industry best practices and maintain a consistent approach with our investors and development partners. The policy applies to all mixed-use and residential developments that Hazelview Investments actively or directly manages. The policy outlines our goals, practices and procedures across the development lifecycle including site selection, sustainable design standards, environmental performance, and social responsibility requirements.

REMUNERATION POLICY

Our compensation processes and practices have been developed to support clear and consistent remuneration programs, sound and effective risk management, and long-term sustainable value. These processes and standards ensure that our remuneration programs are aligned to performance, market conditions, shareholders’ long-term interests, and business objectives, including ESG-specific objectives. These processes and standards have also been designed to support our ability to attract, motivate, and retain staff. Our variable remuneration programs are linked to company and individual performance, which is assessed through a comprehensive appraisal system. Our practices discourage risk-taking that

exceeds the level of tolerated risk for any account or fund managed by Hazelview and inhibits conflicts of interest among employees. Unethical behaviour or the breach of internal and external regulations, policies, or practices is taken seriously and can lead to termination.

DATA PRIVACY & CYBERSECURITY

Cybersecurity is top of mind at Hazelview and embedded across the organization to inform decision-making. Hazelview has dedicated staff for cybersecurity to oversee our systems, processes, and controls. We also engage third party experts as needed to assess our security posture and recommend enhancements on a routine basis.

We have a suite of systems, processes, and controls in place that support prevention and detection of cybersecurity and data privacy incidents, including:

+ Biweekly phishing simulation, with mandatory training for employees as needed

+ 3rd party Security Operations Centre (SOC) doing real-time detection and remediation services where threat alerts are generated, and disablement of devices and users when suspicious activity is detected

+ Regular penetration testing with assistance of third-party experts

OUR PEOPLE

Our greatest strength is our people.

OUR TEAM

At Hazelview, we are continuously striving to create value for our people and enhance relationships with our team members, investors, supplier partners, and community members. Helping our stakeholders thrive supports our business and enables us to attract and retain the best people.

Our objective is to create an inclusive, respectful, and rewarding workplace that allows our people to grow and advance in their careers. Our approach is guided by our People & Culture team which is responsible for engaging and working collaboratively to offer our people a fulfilling work experience.

In 2024, we continued to increase our investment in people across a range of areas including learning and development, benefits and perks, health & well-being resources, and more.

1 Annual totals refer to the number of active roles at the end of the reporting period. The total number of co-op students or interns hired in 2022, 2023, and 2024 were 18, 14, and 13, respectively.

EMPLOYEE ENGAGEMENT

In 2024, we conducted two company-wide surveys to measure employee engagement and satisfaction. We use the results of the semi-annual surveys to identify opportunities to improve the working experience and to maintain an inclusive, respectful, and rewarding workplace. We can see our collective efforts reflected in our achievements – we were certified as a Great Place to Work™ for the second consecutive year in 2024.

SURVEY RESULTS

Employee Survey

Average agreeance of all statements

Top Strengths

EMPLOYEE SATISFACTION

Great Place to Work™ Survey

Average agreeance of all statements

Areas of Opportunity

Decision making, pay transparency, and career pathing and development

Inclusion and belonging, job satisfaction and fulfillment, and employee empowerment 89% agree people from all backgrounds are treated fairly and equally 84% find their values and Hazelview’s values are similar

Action plan process

We use the survey results to build action plans for each department. Action plans target opportunities and drive meaningful actions to create an inclusive, respectful, and rewarding workplace. In 2024, we held employee focus groups to discuss survey results and develop tailored action plans to address the feedback. Finalized action plans were embedded into each department’s annual business plan in 2025.

feel included and respected by their team and company

87% find their work at Hazelview meaningful 86% agree that Hazelview has a collaborative culture 85%

81% are satisfied with the flexibility that they have in their work

MENTAL HEALTH TRAINING

As part of our overall approach to support our people, we have a company-wide mental health training program, which in 2024 included:

EMPLOYEE WELL-BEING

Creating a workplace where employees thrive is a top priority.

We pride ourselves on offering a range of benefits and perks designed to support our team members in both their professional and personal lives. Hazelview provides the following benefits and perks to support the overall health and well-being of our people and their families:

Employee Mental Health Training

Hosted mental health webinar during mental health week about the importance of self-care and compassion

Provided regular email updates about mental health resources to all employees

Manager Mental Health Training

Provided a framework and the skills necessary to address mental health as it shows up in the workplace

Provided guidance on how to communicate and demonstrate care in the workplace as a manager

+ Comprehensive group health benefit plan with extended healthcare and drug benefits, travel insurance, life, and accidental death and dismemberment coverage

+ Additional paid vacation day for eligible employees starting from their 3rd work anniversary until their 7th (for a total of 5 extra days)

+ Benefits include $1,500 annually for counselling and mental health services

+ Flexibility to work from home 20% of the week

+ Offering employees one paid volunteer day per calendar year to enable them to take part in volunteering activities with registered charities and community organizations

+ Providing more flexibility to employees by combining sick days and personal days into 8 paid Wellness Days per year

+ Partnership with Maple and Pillway to offer accessible wellness solutions

+ Additional flexibility and time off through our Summer Hours Programs where our teams get 5+ days of extra, paid time off

EMPLOYEE WELL-BEING CONTINUED

In 2024, we enhanced our wellness programs by:

+ Transitioning our Employee Assistance Program to GreenShield+ which includes access to:

Noojimo: the first and only all-Indigenous virtual mental wellness clinic, to support the wellness needs of Indigenous Peoples (First Nation, Inuit, Métis) across Canada

Mightier: a game-based mental health program built for kids. Mightier is clinically validated, helping all children to explore their emotions and build coping skills through play

Health Digital CBT: an online program that uses Cognitive Behavioural Therapy (CBT) to help people with mild to moderate anxiety and depression achieve their wellness goals

+ Launching partnership with Perkopolis, which offers discounts to employees on clothes, groceries, events, and travel

+ Launching a partnership with Bike Share Toronto to offer discounted annual memberships to Toronto employees, supporting our employee well-being and sustainability efforts

2025+ PLANS

Continue to share monthly well-being resources

Expand group benefits to provide family planning and gender affirmation coverage

Expand wellness spending account to include reimbursement for green living expenses such as air purification systems, high-efficiency appliances for heating, bike sharing memberships

CASE STUDY: HELPING HANDS

In 2024, we launched Hazelview Helping Hands, a volunteer program designed to connect employees with meaningful opportunities and support the communities where we live and work. This program reflects our commitment to strengthening community resilience through hands-on action and strategic partnerships.

Grounded in our three sustainability pillars —housing support, education and employment, and health and well-being—the program empowers team members to get involved in local initiatives that make a lasting impact. Each employee is provided one paid day off to volunteer with a local registered charity or not-for-profit of their choice, or participate as part of a Hazelview-led initiative. Throughout the year, employees across all 13 regions came together to support a wide range of causes. Highlights included:

National Book Drive, collecting over 1,300 books to promote literacy Calgary Clothing Drive that donated approximately $29,000 worth of items to the Women in Need Society (WINS)

300+ care kits assembled for homelessness-focused non-profits through our work with Kits for a Cause

Clothing donation bins piloted in Montreal that collected over 8,000 Kg of clothing

Volunteers also provided ongoing support to local organizations such as Ottawa Mission, Interval House, Daryeel, Montreal Backpacks, and Le Support, among others. The program’s reach and results speak to the passion and dedication of our team:

100+ employees participated

volunteer hours were contributed

individuals were positively impacted

Hazelview Helping Hands is a reflection of what we believe: building strong, inclusive communities starts with showing up—and taking action.

non-profit organizations received direct support

BELONGING AT HAZELVIEW GOALS

BELONGING AT HAZELVIEW

Recognize, attract, and retain talent that reflects the diversity of the places we invest in

Identify and actively address barriers in organizational practices, training programs, and services Support our people and the communities we operate in by investing in ongoing training and education

Create meaningful partnerships that reflect the diversity of our global presence

We are dedicated to building and nurturing a diverse, equitable, and inclusive culture where individual experiences and collective layers of difference are brought together. We invest where we see potential, building for now and generations to come.

We recognize that creating and fostering a diverse, equitable, and inclusive workplace allows us to develop better ideas, initiatives, and people. We also recognize that it is Hazelview’s responsibility to create an inclusive environment that respects the dignity and diversity of all team members. In bringing collective differences together, we grow as an organization by retaining the best talent and better serve our partners, and the communities in which we operate. Our Belonging approach aligns and integrates into our ongoing sustainability efforts, creates opportunities for growth and improves our performance.

In 2024, we advanced against our Belonging commitments. Key accomplishments included:

+ Conducting a thorough review of the DEI policy to reflect evolving best practices and ensure alignment with the company’s goals

+ Maintaining 100% completion rates for Belonging training which includes anti-bias and foundational Belonging concepts. Belonging training is mandatory for all employees

+ Applying a Belonging-focused approach to the 2024 performance review process to promote fair and unbiased evaluations. This practice included training managers to recognize and mitigate potential biases, with the goal of making performance assessments equitable and inclusive

OUR TEAM MEMBERS

LEARNING & EDUCATION

In 2024, we continued our partnership with the Canadian Centre for Diversity and Inclusion (CCDI). CCDI helps organizations to improve inclusivity, be free of prejudice and discrimination, and generate awareness, dialogue, and action for people to recognize diversity as an asset. In 2024, CCDI and Hazelview partnered to deliver observance events and related webinars for several celebratory events, including Lunar New Year, International Women’s Day, Easter, Eid, Pride, National Indigenous Day, and Diwali. Webinars cover topics such as cultural awareness, anti-racism, 2SLGBTQI+ inclusion, Indigenous history, allyship, and other key themes that promote understanding and inclusive practices across our workplaces and communities. These webinars align with national and cultural observances, providing practical insights and education to support ongoing learning and engagement.

As part of Hazelview’s commitment to employee health & well-being, we partnered with Inkblot to host a Speaker Series where team members participated in the webinar: Understanding the Importance of Self-Care, which focused on the transformative power of self-kindness.

ANTI-BIAS HIRING

Our commitment to inclusive hiring practices supports attracting top talent from all backgrounds and perspectives, driving innovation, creativity, and success across our organization. In 2024 we reviewed our recruitment practices, including:

+ Mandatory anti-bias in recruitment training for all recruiters

+ Reviewed and amended key recruitment tools and processes including updating job aids and descriptions for accessibility clauses

+ Refined our pre-screen tools and templates

BELONGING TRAINING

In 2024, we maintained a 100% completion rate amongst employees for mandatory Belonging training. The courses provided foundational knowledge on diversity, equity, and inclusion, helped develop self-awareness and objective judgment, identify biases that affect work relationships and productivity, and mitigate the impact of bias with attention and intention. We also offered the following training to our employees:

+ Fair and effective interviewing for diversity and inclusion

+ Diversity recruiting

+ Diverse talent in recruiting and hiring

+ E-learning course on the value of diversity in a team

2025+ PLANS

Integrate Belonging at Hazelview across spectrum of employee experience (talent acquisition, talent management, and total rewards), including securing at least one national recruitment partner focused on Canadian-based equity-deserving groups to broaden candidate pool diversity

Partner with equity-deserving groups focused on the 2SLGBTQIA+ and women in real estate

Continue hosting webinars during Mental Health Week

Optimize DEI learning & development and partnerships

LEARNING & DEVELOPMENT

We are committed to empowering talented people who share our core values and nurturing their long-term growth through a continuous learning environment.

In 2024, we continued to invest in our employees by providing over 6,500+ hours of overall training. We further expanded our training by including topics such as sustainability, mental health and Belonging.

SUSTAINABILITY TRAINING

Understanding Sustainability e-Learning Course

+ Provided foundational knowledge on the definition of sustainability

+ Covered why sustainability is increasingly important for businesses

+ Explained the three Ps of sustainability (People, Planet, Profit) and how they relate to our business

COFFEE CHAT PROGRAM

Designed to encourage cross-departmental and cross-regional interactions throughout Hazelview, Coffee Chats are aimed at enhancing connectivity and fostering a sense of belonging across the company. In 2024, we successfully achieved our target of facilitating quarterly Coffee Chats with the following outcomes:

rated the program as satisfactory

96% see it as a space for informal development/ mentorship

feel the program promotes a sense of belonging

agree that Coffee Chats help make new connections across departments and levels

Sustainability at Hazelview Knowledge Power Hours

+ A primer on ESG and what sustainability means for Hazelview and the broader real estate sector

90% of survey respondents stating they “agree or strongly agree” that they had a better understanding of ESG following the session

+ Overview of Hazelview’s sustainability journey and key achievements to date

92% of survey respondents stating they had a good understanding of our sustainability programs and where we are on our sustainability journey following the training

+ Overview of reporting frameworks (including TCFD, SASB) and associations in which we partake, including GRESB and UNPRI

88% of survey respondents stating they “agree or strongly agree” they had a better understanding of the ESG frameworks and standards following the session

Expand mentorship and Coffee Chat programs

Continue hosting Hazelview Power Hours to educate employees about our sustainability initiatives and key results Energy Management

SOCIAL IMPACT

We aim to have real impact on people and the communities we operate in.

SOCIAL IMPACT

Hazelview’s Social Impact strategy is built on our commitment to strengthen the communities where we live and work. Through strategic partnerships and impactful programs, we focus on three core pillars: housing support, education & employment, and health & well-being. Together, we aim to support stronger, more resilient, and inclusive communities.

In 2020, we created a corporate social impact strategy with clear impact objectives, partnerships, and programming.

In 2023 we re-evaluated our strategy to ensure we were meeting stakeholder expectations, focusing on the right areas, and delivering against our priorities. In 2024, we continued to implement our renewed strategy by developing programs and partnerships with a focus on our core pillars.

+ Housing Support: Programs and partnerships that enhance housing security, expand affordability, and create inclusive, long-term housing solutions

+ Education & Employment: Programs and partnerships that provide access to quality education, skills training, and career opportunities

+ Health & Well-being: Supporting programs that enhance physical, mental, and community well-being

The sections that follow show how we are continuing to develop new programs and initiatives to address these needs and make an impact.

In 2024, we launched the Hazelview Cares Foundation

The Foundation is committed to strengthening communities by funding charitable partners focused on housing support, education & employment, health & well-being, and local community initiatives. Through these partnerships, we aim to support opportunities where everyone can thrive.

MEASURING OUR IMPACT IN 2024

$2M+ in financial and in-kind support to charities and non-profits (Provided between 2020 and 2024 inclusively.)

20+ community partnerships across Canada

10,000+ individuals positively impacted by our programs

HOUSING SUPPORT

As a rental housing provider, we understand our responsibility to residents who call our properties home.

That’s why we introduced Rent Aid, a program that offers short-term rental support to residents facing financial hardship. Additionally, with our partners, we are building new housing supply, including affordable options across a range of housing types. We also support and partner with other organizations, including non-profits, such as Community Affordable Housing Solutions (CAHS) to help tackle housing challenges, and we continue to explore partnerships with non-profits to expand access to stable, well-located homes.

RENT AID PROGRAM

Our Rent Aid program aims to foster a supportive and resilient community by helping residents overcome short-term challenges without the risk of missing a rent payment. The program is designed to support residents facing temporary financial hardship by offering comprehensive assistance focused on stability, resilience, and community connection.

Rent Aid offers the following assistance:

Personalized support: We take the time to understand each resident’s unique situation

Resource guides: We connect residents with a variety of resources, including local organizations and programs

Financial assistance: Residents can receive a one-time credit to their account to help ease temporary financial pressures

EDUCATION & EMPLOYMENT

As part of our commitment to people, we invest in the communities where we operate to create pathways to both employment and education, both of which are key drivers of long-term socio-economic resilience.

In 2024, we advanced this commitment by delivering opportunities across our company, at select properties and cities where we operate through the following initiatives:

Program

Young Resident Summer Employment Program

With a special focus on equity-deserving youth, Hazelview’s Young Resident Employment Program, hires young residents across multiple cities as full-time summer staff, providing them with paid work experience, résumé enhancement, mentorship, and skill-building.

Hazelview Sustainable Real Estate Awards Program

Hazelview’s scholarship and bursary program aims to empower students who are passionate about urban development, engineering, and business management with a strong commitment to sustainability.

Hammer Heads

Hazelview has partnered with Hammer Heads to provide apprenticeship opportunities for youth facing barriers to employment, supporting skills development and long-term careers in the trades. Through this partnership, we are investing in workforce development and building stronger, more inclusive communities.

BGC Ottawa (Formerly Boys & Girls Club)

BGC Ottawa’s Leaders4Life programming and their Learning Kitchen provide youth with important life skills to equip them to be successful adults and leaders. The clubhouse hosts a gym, dance studio, education centre, learning centre, and two kitchens.

2024 Key Results

+ Total of 26 young resident summer employees obtained work experience.

+ 8,000+ hours of work experience provided.

+ 17 total scholarships and bursaries awarded to students.

EDUCATION PARTNERS

+ Hazelview contributed $7,500 to Hammer Heads.

+ Hazelview is in year three of its five-year $1 million gift commitment to the new South Ottawa Clubhouse. This gift supports the youth of Heron Gate by funding the community education kitchen, daily after school bus services and their Leaders4Life program hosted at the 1770 Heatherington Clubhouse.

+ More than 5,000 youth in South Ottawa will benefit from these community programs.

HEALTH AND WELL-BEING

We recognize the opportunity to support the health and well-being of both our residents and employees.

Through our commitment to health and well-being, we aim to make healthcare accessible for our stakeholders.

EMPLOYEE HEALTH & WELLNESS

We have a comprehensive well-being program for employees that includes enhanced access to healthcare providers, including mental health professionals, mental health resources and training, and access to programs that reduce barriers to accessing medication. More details about our Health & Wellness Programs can be found in the Our People section

VIRTUAL HEALTHCARE FOR RESIDENTS

Hazelview has partnered with Maple to provide select properties with convenient, on-demand virtual healthcare and mental health services. This initiative supports our commitment to enhancing resident wellbeing. The program includes:

total buildings

registered program users (as of Dec 31, 2024)

dependents of registered program users

After surveying participating residents, we found that 80% are more likely to continue to rent at our buildings as a result of being offered the service, with 87% reporting that their experience with Hazelview is made even better by receiving this virtual healthcare service. The average satisfaction rating of the program was 4.73 out of 5.

2025+ PLANS

Operationalize the Hazelview Cares Foundation and launch the inaugural fundraising campaign

Expand Helping Hands to engage 20%+ of our team in over 900 hours of volunteer service

Launch the Rent Aid Program nationally to support more resident households in need

PRIVATE REAL ESTATE SUSTAINABILITY

Our private real estate sustainability program protects value and strengthens relationships.

PRIVATE REAL ESTATE INVESTMENT MANAGEMENT

Hazelview Investments operates a diversified real estate portfolio comprised of private real estate and private real estate debt across multiple asset classes. While our Canadian multifamily portfolio has been the focus of our integrated sustainability efforts to date, we are committed to employing strong sustainability management practices throughout our diversified private real estate portfolio.

The private real estate portfolio is invested across asset classes, including residential, office buildings, industrial, retail, land, and development. For some of these investments, Hazelview holds an equity interest but does not manage or operate the underlying assets on a day-to-day basis. In these cases, operational decisions are made by our investment partners who range in size, scale, and maturity of sustainability management practices.

Where we do not manage the day-to-day operations of a building, we work closely with our third-party partners on ESG management practices, and we are committed to expanding sustainability considerations into our diversified portfolio.

We continue to engage with our investment partners to better understand their sustainability activities and performance and share sustainability data and results in our annual reporting to ensure greater transparency and accountability.

2025+ PLANS

+ Expand our outreach to all partners and sponsors and collect data to improve our understanding of our sustainability coverage and performance

+ Review and update individual portfolio ESG plans for all private real estate mandates including review of fund investment objectives, fund mandates, and regulatory requirements

+ Review our Responsible Investment Policy and update as necessary by incorporating findings from our ESG materiality assessment

INTEGRATED SUSTAINABILITY APPROACH

Our integrated sustainability program covers our Canadian multifamily portfolio where we provide asset and property management services. The remaining content within the Private Real Estate Sustainability section applies to the Canadian multifamily portfolio.

The four pillars of our program capture the key sustainability practices and initiatives that support our vision and commitments and align with our business strategy and values. The pillars are supported by performance indicators, targets, progress tracking, and reporting both internally and externally to our stakeholders. Our Canadian multifamily portfolio has been the focus of our sustainability efforts to date because we have operational control and access to sustainability performance data such as energy use, greenhouse gas emissions output, water use, waste management practices, and tenant engagement.

4 KEY BENEFITS OF OUR SUSTAINABILITY PROGRAM

+ Increased portfolio resilience through continuous resource efficiency improvements

+ Elevated risk identification and management

+ Increased culture of innovation

+ Enhanced ability to attract and retain residents, tenants, and team members and maintain their trust

SUSTAINABILITY GOVERNANCE & POLICY

RESOURCE EFFICIENCY

Improve operational efficiency of buildings and operations

RESILIENCE

Protect portfolio value through environmental and social risk identification and management

RESIDENT AND TENANT EXPERIENCE

Strengthen relationships with residents, prospects, and tenants

RELATIONSHIPS

Enhance relationships with employees, suppliers, and communities

MEASUREMENT & TARGETS

COMMUNICATIONS & REPORTING

RESOURCE EFFICIENCY

Our investment and management processes integrate resilience throughout our Canadian multifamily portfolio. Our Sustainability and Capital teams are responsible for implementing environmental programs and initiatives that improve resource efficiency, manage our environmental impact, and preserve asset value. In 2024, we continued to measure our progress and evaluate the outcomes of our environmental programs and initiatives.

Improving data quality for informed decision-making

As we advance on our sustainability journey, we recognize the importance of accurate data, which enables us to improve resource efficiency, manage the environmental impacts of our portfolio, set GHG emissions reduction targets, and confidently disclose our performance to our stakeholders. In 2023, we launched our Data Management Plan, which outlines roles and responsibilities, data-related boundaries, the

1 Environmental audits have been conducted across our portfolio since 2021. In 2023, audits were completed at approximately 2/3 of the portfolio, with the remaining 1/3 completed in 2024. As of 2024, audits have been completed across the entire Canadian multifamily portfolio.

utility data collection methodology with frequent quality-checking audits, and GHG emissions calculation protocols. Throughout 2024 we have maintained compliance with the Data Management Plan to ensure our internal processes, analysis and decision-making with respect to environmental performance data are performed consistently.

Environmental audits highlight efficiency opportunities

Conducting environmental audits is an important step to improve building-level energy efficiency and performance, as they identify opportunities for energy efficiency improvements and GHG emissions reductions. The insights and recommendations generated from these assessments inform our decarbonization and strategic planning at the property level, enabling us to prioritize and implement impactful sustainability measures. In 2024, we achieved our goal of completing environmental audits across 100% of our Canadian multifamily portfolio over a 3-year period1.

We conduct daily building inspections to monitor building performance. In 2024 we enhanced these processes and provided training to incorporate energy, waste, and water reduction measures into formalized monthly inspection templates, which have been implemented across the entire Canadian multifamily portfolio. A new inspection measure we incorporated focuses on visual inspections of the building envelope to determine if residents have their windows open during the winter heating season which can be an indicator of over-heating. By addressing these issues promptly, we can reduce the amount of energy that is used, while also improving resident comfort.

GRESB SUBMISSION

Our environmental management efforts, audits, and building certifications supported our 2024 GRESB submission. Hazelview Investments had an overall score of 80 and ranked 1st among its peer group (Canadian multifamily standing investments). We also attained GRESB green star status within both the

GRESB Development and Standing Investments benchmarks. These accomplishments underscore our strong sustainability commitments and performance across our portfolio, surpassing GRESB averages for environmental, social, and governance factors.

Certified sustainable buildings underline commitments to performance

In 2024, Hazelview maintained 100% green building certification (BOMA BEST or CRBP) rate for all properties in our Canadian multifamily portfolio for the second year in a row.

The BOMA BEST Sustainable Buildings certification recognizes excellence in energy and environmental management and performance in multifamily and commercial real estate and entails audits in ten categories: energy, water, waste, health & wellness, air quality, comfort, custodial, purchasing, site, and stakeholder engagement.

The Certified Rental Building Program and its associated Green Living Together environmental certification recognizes environmental leadership in the apartment industry by certifying properties against 55 industry-leading standards, including 10 environmental standards. These standards encourage quality and excellence in the operations and maintenance of multifamily properties and promote environmental responsibility and resident engagement.

PARTNERING WITH SOLUTIONS-DRIVEN INNOVATION

HAZELVIEW VENTURES

Hazelview has a Venture Capital program focused on investing in early-stage companies within the property-tech, building-tech, and clean-tech sectors. Beyond simply providing funding, we also pilot solutions that can enhance our real estate operations and tenant experiences through emerging technologies that improve energy efficiency, reduce operating costs, and strengthen the resilience of our properties.

Since Hazelview Ventures was founded in 2021, we have invested in and partnered with 6 portfolio companies, which are described in greater detail throughout this report.

PILOTING NEW TECHNOLOGIES

We are piloting new technologies to improve resource efficiency in our multifamily portfolio. The following technologies were piloted in 2024:

+ Enhancing efficiency of water-based heating systems with EndoTherm

+ Optimizing HVAC performance in real time through Artificial Intelligence-powered automation with Parity Advanced Building Automation System

CASE STUDY: ENHANCING EFFICIENCY OF WATER-BASED HEATING SYSTEMS

EndoTherm is a heating additive designed to enhance the energy efficiency of water-based heating systems.

By interacting with water’s hydrogen bond network, EndoTherm enables heating systems to deliver heat through water more effectively. According to independent studies, using EndoTherm can lead to a reduction in space heating energy consumption of up to 15%.1

In 2024, we successfully piloted EndoTherm at 3 properties. At one property we saw the following results:

The success of this pilot supported our decision to launch and implement this technology across the Canadian multifamily portfolio beginning in Q4 2024. We expect this technology to support our emission reduction efforts as we integrate EndoTherm across our portfolio.

CASE STUDY: OPTIMIZING HVAC PERFORMANCE WITH AI

Beginning in Q4 2024, Hazelview began piloting Parity’s HVAC optimization system in two Toronto properties.

Parity’s control optimization software automatically makes real-time remote-control adjustments to boost energy efficiency. Once Parity is installed, the system ingests operational and equipment data, where algorithms use that data to then redesign operations. Finally, optimized control adjustments are automatically streamed to the building in real-time.

Across both pilot sites we have seen positive energy and carbon reductions totalling:

12% average reduction in natural gas consumption (29,199 m3) 13% reduction in natural gas costs (equivalent of $15,000 savings)

50 t CO2e reduced (combined building GHG emissions)

ENVIRONMENTAL PERFORMANCE 1

Striving to manage environmental impacts at our properties.

With our Canadian multifamily portfolio comprising well over 200 properties and more than 22,600 units, we rely on quality property-level data as a critical input to guide our approach to enhancing resource efficiency, environmental performance and capital planning. A key component of our sustainability program continues to be our focus on enhancing the accuracy, completeness and timeliness of our environmental performance data. We recognize ongoing opportunities for improvement and remain committed to enhancing both data completeness and accuracy within our portfolio by actively engaging with our partners, residents, utilities and data service providers.

In 2023, we implemented the IBM Envizi platform to continue enhancing our measurement, data coverage and understanding of our portfolio’s environmental performance, and to support accurate and comparable performance indicators for reporting.

1 Environmental performance data relates to Hazelview’s Canadian multifamily portfolio. The performance data within this report has not been externally verified.

ENERGY

Our Canadian multifamily portfolio’s energy use includes purchased electricity and heating fuel (natural gas and heating oil). Heating fuel, which represents 68% of our total energy footprint, relates to both Hazelview-controlled and resident spaces, as we cannot isolate resident natural gas consumption in our buildings. Electricity consumption includes Hazelview-controlled spaces such as common areas and building exteriors, as well as resident spaces where sub-metering is present.

In 2024, total energy consumption decreased by 7% (compared to 2023) due to a combination of factors, including

portfolio changes (i.e. properties held in 2023 that were disposed of during 2024), decreased electricity data availability from select utilities, as well as results from energy efficiency efforts we’ve implemented across the portfolio in the past three years, including:

+ Installation of high-efficiency equipment and appliances

+ HVAC automation system upgrades/ replacements

+ Enhancements to wall and roof insulation

HAZELVIEW VENTURES

Optimizing building performance with smart energy management software.

SensorSuite, a leading energy management proptech company, delivers building performance solutions for small and medium sized buildings. Through load and supply management systems, SensorSuite improves building performance and enables energy as an asset. SensorSuite has the potential to deliver 25% in utility savings in older buildings with no central systems.4 SensorSuite is currently being leveraged on more than 50 Hazelview buildings and we continue to monitor progress.

electrical heating systems.

1 Data represents absolute values based on the number of assets held in the portfolio at the end of each respective reporting year, for which we have utility data coverage.

2 Electricity consumption data is based on actual consumption amounts obtained from utility provider reports. Despite our best efforts, there are instances where we are unable to obtain complete consumption data from utility providers. Coverage as a percentage of floor area was 89% in 2022, 95% in 2023 and 89% in 2024.

3 Heating fuel consumption data is based on actual consumption amounts obtained from utility provider reports. Despite our best efforts, there are instances where we are unable to obtain complete consumption data from utility providers. Coverage as a percentage of floor area was 97% in 2022, 99% in 2023 and 99% 2024.

4 SensorSuite utility saving applies to buildings with

GHG EMISSIONS

As an owner and manager of residential properties, our emissions profile is highly influenced by resident energy consumption at our buildings. In 2024, our total GHG emissions decreased by 5.9% which was driven by related decreases in energy consumption, as described in the Energy section above.

Our scope 3 emissions represent GHG emissions from resident-controlled spaces. Despite changes in legislation and investments in submetering, collecting data from resident-controlled spaces remains a challenge. To enhance scope 3 emissions data completeness and accuracy, we will continue to seek out opportunities for improvement, including additional investments in submetering (where it makes business sense to do so) and collaborating more with our residents on data sharing.

WATER

Hazelview is committed to reducing our water consumption and implementing efficient practices to reduce consumption across the portfolio. Our water conservation program includes:

+ Tracking water consumption

+ Implementing water conservation strategies

+ Installing water-efficient fixtures

+ Researching and piloting new technologies that can further reduce consumption

+ Continuously tracking and monitoring water usage of the common areas at all our properties on at least a quarterly basis, conducting water audits and identifying opportunities for improvement

In 2024, total water consumption increased 0.5%, from 2,939,419 m3 in 2023 to 2,955,369 m3. This is primarily based on increased data coverage for our portfolio. We achieved 87% data coverage for 2024, an increase from 86% data coverage in 2023.

1 Data represents absolute values based on the number of assets held in the portfolio at the end of each respective reporting year, for which we have utility data coverage.

2 Heating fuel consumption data is based on actual consumption amounts obtained from utility provider reports. Despite our best efforts, there are instances where we are unable to obtain complete consumption data from utility providers. Coverage as a percentage of floor area was 97% in 2022, 99% in 2023 and 99% 2024.

3 Electricity consumption data is based on actual consumption amounts obtained from utility provider reports. Despite our best efforts, there are instances where we are unable to obtain complete consumption data from utility providers. Coverage as a percentage of floor area was 89% in 2022, 95% in 2023 and 89% in 2024.

4 Scope 3 emissions include energy consumption in resident-controlled areas.

WASTE

Managing waste is a complicated issue and requires a collective effort. At Hazelview, we recognize the important role we play in engaging with our residents, haulage partners and local waste authorities as we seek out opportunities to conserve resources, minimize waste generation and promote proper sorting and diversion of waste through recycling and composting in our buildings.

We obtain waste data from private and municipal waste haulers or estimate output and diversion using information obtained through our waste audits. Waste data reported includes day-to-day operational and resident waste at our properties and excludes waste arising from non-typical or non-recurring sources, such as major renovation projects. In 2024, we completed waste audits at 67 properties, which helped us to assess the effectiveness of our waste diversion programs and identify opportunities for improvement.

In 2024, our actual waste data coverage was 51% vs. 73% in 2023. To gain a more complete picture of 2024 total portfolio waste, we used estimation techniques to project waste output at properties where we do not have access to actual data, giving us 98% coverage across all multifamily properties. While we believe it is important to gain an understanding of total operational waste, we

acknowledge that estimation relies on certain assumptions, which can influence the results (e.g., if bins collected are assumed to be 100% full, this can skew estimates toward overstatement). As a result, in 2024, our total estimated operational waste generated was 19,370 tonnes compared to 7,832 tonnes of actual waste reported in 2023. We achieved an estimated diversion rate of 24%, compared to 32% actual diversion reported in 2023.

2025+ PLANS

+ Continue to implement resource efficiency measures, including building automation systems (BAS), HVAC upgrades, LED lighting upgrades, low-flow water retrofits, and window replacements

+ Implement recommendations arising from our audit programs

+ Continue to research and pilot new technologies to further manage resource consumption at our properties

+ Implement further ESG site-level training for property teams including on-site walkthroughs, online learning, and post course check-ins

SUPPORTING REDUCED RESOURCE USE

To support reduced resource use in 2024, we invested approximately $5.4 million in energy, GHG, and water efficiency projects and upgrades across our portfolio. This included:

HAZELVIEW VENTURES: A DIGITALLY CONNECTED OPERATIONS TEAM

As a multifamily residential housing provider, Hazelview seeks out opportunities to improve the comfort of our rental homes while minimizing disturbances to our tenants.

The turnover period presents an important window of opportunity that must be managed efficiently across our teams. SuiteSpot TRIMM™ is an all-in-one mobile application for multifamily operators that digitally manages operational processes. The digital interface provides our team with the insights and tools needed to speed up suite turnovers, document and manage risk and safety liabilities, control operational costs, and provide greater visibility into asset and staff performance.

Using SuiteSpot enables seamless collaboration between Hazelview’s on-site and off-site teams. The software optimizes operations team efficiency by tracking project performance in a centralized location.

“Investing in sustainability is, at its core, a form of risk management—and risk management never goes out of style. We’ve been committed to this approach long before it became a mainstream conversation, and we’ll continue to prioritize it well into the future. In real estate, we’re dealing with tangible, brick-and-mortar assets—places where real people live and build their lives. When you neglect the sustainability of a physical asset, the consequences aren’t theoretical—the long-term implications can compromise both the asset’s performance and its role in the community.”

–COLLEEN KREMPULEC

RESILIENCE

Protecting value through risk and opportunity management.

By identifying and managing environmental and social risks and opportunities we help ensure business continuity, safeguard our assets, and support our stakeholders. Enhancing the resilience of our portfolio also supports growth and profitability to make us a better overall partner.

We aim to protect value through risk management and opportunity identification. Hazelview recognizes the physical and transition risks that climate change poses to the real estate sector and the importance of preparing assets in our portfolio. We are committed to increasing climate change resiliency and adaptation through the adoption of policies and procedures across the portfolio.

In 2024, we began the process of assessing and identifying physical climate risks and opportunities across our portfolio. We plan to assess these risks against future climate scenarios and use the results to further enhance our risk management and property-level resilience planning.

Our 5-year capital plans for the multifamily portfolio are reviewed and updated annually. Portfolio resilience is assessed through this process by determining exposures for every major component of each asset, such as its building systems, building envelope, and roof.

ESG DUE DILIGENCE

To ensure we assess ESG risks and opportunities systematically during our investment process, we use an ESG due diligence checklist. Each year, Hazelview reviews and considers potential enhancements to the ESG due diligence checklist to improve our overall due diligence standards.

The ESG due diligence checklist includes:

+ Physical climate risk and natural hazard events

+ Building energy ratings and certifications

+ Sustainability retrofits and efficiency measures

+ Sustainability data and key performance indicators

+ Sustainability audits and assessments

+ Social considerations (e.g., tenant satisfaction reports, designated affordable units, non-profit partnerships)

+ Green financing or rebate initiatives

+ Governance considerations

+ Tenants/building use details

+ Sponsor/borrower details (GRESB score, ESG report, sustainability objectives)

2025+ PLANS

+ Review risks and opportunities identified through the ESG and climate materiality assessment and incorporate recommendations within current departmental plans

+ Develop action plans to further enhance our business’ overall resilience and to address the most material ESG and climate topics identified in risk and opportunity management practices

In 2024, we implemented several measures to increase our property-level resilience including:

3 61 16 14

HAZELVIEW VENTURES: DATA DRIVEN DECISIONS THAT IMPROVE BUILDING PERFORMANCE

Building envelope performance is directly related to energy efficiency, resident comfort, and overall lifespan of the building.

Founded in 2023, Lamarr.AI delivers autonomous, rapid diagnostics of building envelopes by leveraging drone technology, AI analysis, and cloud computing. The company is the result of six years of Department of Energy-funded research conducted at MIT, Georgia Tech, and Syracuse University. Their platform improves energy efficiency and reduces costs in the building industry by streamlining envelope audits through cutting-edge technology. Thermal images captured by drones or handheld cameras can be seamlessly uploaded to their AI platform for automated analysis, generating detailed reports and interactive 3D models to help building owners, engineers, and auditors make faster, more informed decisions about building performance. Lamarr’s solution makes envelope audits1:

Lamarr.Ai

RESIDENT & TENANT EXPERIENCE

Our goal is to foster thriving communities.

Through this pillar, we focus on helping residents and tenants thrive, both at home and in their businesses. We seek to achieve meaningful social outcomes as both a provider of housing and a landlord for commercial businesses. We continuously strive for high satisfaction ratings by regularly engaging with our tenants and using their feedback to make ongoing improvements. At Hazelview, engaging and supporting our residents and tenants is critical for driving value and reinvesting in initiatives that benefit our stakeholders.

GREEN LEASES

We rolled out green leases at a select number of our residential properties in 2024 to engage our residents in our vision for continuous improvement in environmental performance and social change.

Our Green Lease Acknowledgement outlines Hazelview’s vision for sustainability and includes a series of pledges focused on energy use, water conservation, waste reduction, indoor air quality, and other sustainable living practices. By signing this document, residents recognize these pledges and affirm their commitment to supporting our shared sustainability goals.

7% of our total Canadian multifamily portfolio square footage has signed the Green Lease Acknowledgement1

1 As of December 31, 2024.

VOICE OF RESIDENT PROGRAM

Our Voice of Resident (VOR) program is a fully automated digital platform launched in 2021 to collect ongoing feedback from prospects and residents about their experiences at our buildings. The program covers the full customer experience from prospect and move-in through to maintenance requests, day-to-day living, and moveout. Based on the feedback, we develop action plans to address opportunities, with the goal of continuously improving performance on resident experience.

2024 VOR SURVEY RESULTS

145,000 surveys deployed to prospects and tenants 15,000 responses

78% of prospects and residents who interacted with Hazelview were satisfied or very satisfied with their experience (steady since 2023)

GOOGLE BUSINESS PROFILE

As part of our commitment to creating communities that residents are proud to call home, Hazelview has achieved an average Google Business Profile rating of 4.3 stars across more than 200 properties—supported by nearly 10,000 positive reviews. This marks a notable improvement from a 3.3-star average just one year ago, reflecting the tangible impact of our residentfirst approach and overall responsive property management practices; both of which are dedicated to deliver high-quality resident experiences across our portfolio. By embedding care, accountability, and continuous improvement into every touchpoint, we are fostering deeper trust with the people who live in our communities.

RESIDENT BILL OF RIGHTS

With over 25 years of property management experience, we’ve developed clear processes and policies that outline our commitment to respectful interactions with residents. We published the Hazelview Properties Resident Bill of Rights which defines our commitment to ensuring that residents are treated fairly, respectfully, and with dignity. Hazelview Properties Resident Bill of Rights

HAZELVIEW VENTURES: STREAMLINED MARKETING & LEASING WITHIN ONE PLATFORM

Rhenti is an industry-leading residential real estate software platform that makes the end-to-end process of marketing and leasing fast, easy, and transparent.

Having served over 1,500 property owners and operators who collectively manage over 60,000 doors across Canada, Rhenti aims to streamline ‘renting’ with a heavy emphasis on elevating the renter experience while delivering excellent data collection and efficiency for the property manager. Rhenti focuses on three main pillars:

+ Attracting more renters

+ Creating a faster and more efficient leasing process

+ Limiting the work required throughout the leasing life cycle

Since 2021, Hazelview has partnered with Rhenti to streamline leasing and improve the resident experience. The partnership supports Rhenti’s goal of becoming Canada’s default leasing platform while enhancing Hazelview’s digital leasing capabilities. Rhenti supports our objectives of providing a positive resident experience from the very beginning of their time with Hazelview properties.

RELATIONSHIPS

Partnering for sustainability and health & well-being impact.

At Hazelview, we recognize that our procurement choices impact our residents, communities, and the environment. To integrate sustainability and health & wellness into our procurement decisions, we provide third-party designers with efficient pre-selected materials to build specification offerings which includes working with pre-established vendor partnerships. Our program lays out which preselected products can be featured in our properties, which incorporates products that are cost-effective, sustainably produced/manufactured, and supportive of human health and wellness.

We continue to mandate low VOC paints, ENERGY STAR appliances/fixtures, low-flow water fixtures, and low VOC flooring/adhesives which further features the use of recycled materials in manufacturing processes, etc.

In 2024, we finalized updates to our Vendor Code of Conduct. The updates include requirements for:

+ Sustainable Practices & Procurement

+ Diversity, Equity, and Inclusion

+ Waste Management & Disposal

+ Health & Safety

This will ensure our vendors are aligned with our sustainability policies, adhering to mandates on specific materiality/procurement requirements, and formalizes our overall commitment to sustainability with our vendors.

We continue to push sustainable procurement within our specified material selection using third party designs and pre-existing trade/supplier partnerships (Olympia Tile, Sherwin Williams, Tarkett, The Brick, etc.). We also purchase cleaning supplies that align with environmentally friendly BOMA Best Standards in buildings that are BOMA Best certified and look to continue this implementation across the full multiresidential portfolio to align with our Sustainable Procurement Policy in 2025.

2025+ PLANS

+ Onboard 100% of Vendors onto the Code of Conduct

+ Review current procurement policies and identify areas to improve implementation of sustainability criteria

+ Continue to scan and identify additional perks for residents (which support sustainable living practices)

DEVELOPMENT MANAGEMENT

We strive for sustainable development that fosters happy, healthy, and thriving communities.

As a leading residential real estate developer and redeveloper, we examine opportunities to incorporate energy efficiency, sustainable materials, and leading technologies into the design and construction of our properties. To guide our approach to embedding sustainability into developments, we employ systematic sustainable development practices that are based on leading green building standards, certifications, and benchmarks. For example, we:

+ Benchmark our design development standards to LEED Gold certification

+ Pursue Toronto Green Standard Tier II where feasible, for our Toronto properties

Our sustainable development practices and processes are formalized in an ESG Guideline and Checklist to ensure we assess and consistently embed sustainability considerations in every development we undertake. Since the sustainability landscape is rapidly evolving, we are committed to continuously educating our team on new and emerging sustainability technologies, processes, and incentives.

Our Sustainable Development Policy codifies our practices and commitments to align with industry best practices and maintain a consistent approach with our investors and development partners.

HAZELVIEW VENTURES: ACCELERATING SUSTAINABLE BUILDING DESIGN THROUGH TECHNOLOGY

At Hazelview, we understand the buildings we develop will last for decades to come, so it is important they are designed with long-term sustainability in mind.

Augmenta1 is a software company that is using generative AI to transform the way buildings are designed and engineered. The Augmenta Construction Platform (ACP) expedites the time it takes to detail and estimate designs, and enhances precision throughout the design phase to mitigate costly redesign and rework. Through its Electrical System Design (ESD) module, ACP generates fully constructible, code-compliant designs of electrical raceway routing for electrical engineers and contractors, which contributes to resource efficiency in the construction process.

Hazelview Ventures partnered with Augmenta in 2022. In 2024, Hazelview Investments piloted the ESD module at a multifamily development project in Toronto. The trial focused on optimizing below-grade concrete design to identify efficiencies that reduce waste and emissions in construction. We are encouraged by early results and look forward to sharing further details in 2025.

HAZELVIEW VENTURES: INVESTING IN AI MODELS TO AUTOMATE CONSTRUCTION PROCESSES

Xaba1 was founded in 2023 and develops new processes and control systems that make automation accessible and affordable.

Their IP uses industrial AI to turn any industrial robot into a “generative robot” by making it intelligent and autonomous in both generating its own programs and executing tasks such as welding, drilling, assembling, and additive manufacturing.

“Our team is really excited to work with Xaba on our development projects, we have begun these conversations with our development team and have identified multiple use cases that could have material impacts on our sustainability metrics, costs, supply chain management, and more.”

Roger Poirier

Hazelview Ventures Co-Founder

xCognition is Xaba’s AI-powered software solution. This industrial robotics digital twin captures and models the true physics of any industrial robotics system (elastic, dynamic, mechanical, tooling).

Hazelview Ventures foresees leveraging Xaba’s technology to create future efficiencies and environmental benefits in the construction processes. This partnership aligns with Hazelview Investment goals to engage and invest in efficient, and sustainable development practices.

Xaba

THE VERTICAL VILLAGE FRAMEWORK

The Vertical Village Framework1 aims to combine a variety of modern amenities in one vertical village. The development is envisioned to draw on the community, cultural, wellness, and live and work opportunities in the surrounding neighbourhood to create an amenity-rich residential building that will offer returning and new residents an active and healthy lifestyle.

The Vertical Village Framework was applied to planning The Maitlands project, a multifamily development in Toronto. The Maitlands aims to draw inspiration from the horizontal distribution of amenities along local main streets (like Church St.) and reimagines them in a vertical format— combining wellness, community, housing, and connectivity resources within beautifully restored heritage facades, topped with new green space. By providing a wealth of amenities, the Maitlands fosters a tight knit, healthy community of residents.

1 Vertical Village Framework was developed by the Hazelview Development team using software provided by Turner Fleischer Architects.

COMMUNITY WELLBEING FRAMEWORK

Hazelview uses the Community Wellbeing Framework2 as a guideline for designing master plan communities to encompass the essential domains related to the social, economic, environmental, cultural, and political conditions needed for communities to reach their potential.

Hazelview takes a proactive approach to engage with community stakeholders earlier and more frequently than mandated by municipal guidelines, fostering transparency and building stronger community relationships throughout the development process. Hazelview’s investment in communities has resulted in direct financial benefits and indirect operational benefits. As part of our commitment to community wellbeing, we strive to exceed regulatory requirements for community engagement in the areas where we operate. By fostering meaningful and transparent communication, we have built trust with impacted community members, which has helped mitigate potential resistance to changes in local infrastructure.

2 Community Wellbeing Framework

INTEGRATING SUSTAINABILITY THROUGHOUT THE DEVELOPMENT PROCESS

In 2024, we reviewed and updated our development process and governance framework to encourage accountability and transparency. We established a senior committee that votes to approve all contracts over a specified value. The committee ensures the sustainable development practices are consistently considered and embedded into the development workflow process, wherever feasible.

1. FINANCING

+ Sustainable financing is part of our development lifecycle and our development team researches and implements sustainable financing solutions and products as part of the process. This helps to incentivize continued evolution of ESG initiatives/ solutions within our developments

2. SITE SELECTION

+ Assess proximity to environmentally sensitive areas, historical sites, local ecosystems, and floodplains

+ Prioritize developing on previously occupied land vs. greenfield

+ Identify climate-related risks including servicing and stormwater

+ Assess proximity to active transportation

+ Prioritize sites that use existing urban infrastructure

3. SUSTAINABLE DESIGN

+ Strive to meet green design standards

+ Incorporate green infrastructure (green roofs, rainwater harvesting)

+ Protect biodiversity including tree retention and protection

+ Design floorplates that are adaptable to multiple functions

+ Integrate biophilic elements

+ Integrate water sensors and flood resistance features

+ Include renewable energy systems, EV chargers

+ Install submetering for electricity and water

+ Integrate leading energy and water efficient technologies and waste management infrastructure

+ Incorporate pedestrianfriendly design and infrastructure for car and bike sharing

+ Explore partnerships with technology companies for smart city solutions

4. PROCUREMENT + CONSTRUCTION

+ Examine sustainable material options (e.g., roof, cladding, windows)

+ Investigate options for waste management and diversion systems

+ Incorporate health and wellness features for building and community into design

+ Investigate potential for third party certification (e.g., LEED, WELL, WIRED)

+ Formalize and benchmark against greenhouse gas emissions and climate resilience targets

+ A contract committee has been established to formalize oversight and support consistency in contracting process across projects

+ The contract committee reviews large contracts across development lifecycle. All committee members attend meetings and ask questions

+ The purpose of the committee is to reduce risks, align on priorities and bolster education and awareness across the company

5. HANDOVER

+ Conduct full building commissioning and testing related to building automation systems, façade and wind screens, water and air tightness, access controls, and water meters

6. COMMUNITY ENGAGEMENT

+ Provide a direct line of communication for local communities to gather input and address concerns

+ Foster community through the inclusion of public spaces, parks, and cultural amenities

+ Explore partnerships with local community organizations

7. MONITORING + REPORTING

+ Measure and report on the environmental, social, and economic impact of developments using KPIs

+ Regularly communicate sustainable development performance to stakeholders

Green building certification feasibility study

Begin embodied carbon emissions study for development projects

Updating design standard playbook for ESG specs

CASE STUDY: BLOOR & DUFFERIN COMMUNITY DEVELOPMENT

Supporting climate compatibility, accessibility, and affordability.

In 2024, we leveraged the Canada Mortgage and Housing Corporation’s (CMHC) Mortgage Loan Insurance (MLI) Select program, an innovative new multi-unit mortgage loan insurance product, to support climate compatibility, accessibility, and affordability criteria for certain development projects.

Hazelview secured one of the largest loans under the MLI Select program. The funding will advance the development of 856 new purpose-built rental homes in one of Toronto’s most ambitious and community-oriented master-planned sites, located at the intersection of Bloor St. West and Dufferin Ave in downtown Toronto. By aligning our development strategy with housing priorities at every level, we are able to access high-quality financing solutions that enhance project performance and reduce long-term risk.

Climate compatibility: The project earned the full 100-point energy efficiency incentive by achieving approximately 40% improvement over the National Energy Code for Buildings (2017), driving meaningful reductions in both energy consumption and greenhouse gas emissions, while also providing enhanced indoor comfort, better air quality, and reduced utility costs for future residents.

Accessibility: Hazelview achieved an additional 20 points through Rick Hansen Foundation Level 1 certification, with the building’s compliance with CSA B651:23 ensuring all homes are 100% visitable and all common areas are barrier-free.

Affordability: A historic $79.8 million community benefits package is included as part of the development of this site, including a $12.5 million cash contribution to establish land trusts that will acquire affordable housing. The package includes an 8-storey building with 56 purpose-built units to be conveyed to the City, exclusively for public affordable rental housing, a community hub and day care, a public park and access to public transit.

This milestone reflects what’s possible when government incentives align with proven delivery partners. Access to smart, scalable financing is what moves projects from concept to construction, ultimately unlocking housing supply, driving sustainable design, and creating long-term value for investors and communities.

CASE STUDY: 73-75 BROADWAY AVE.

Increasing toronto’s rental supply while decarbonizing existing housing stock.

At 73 and 75 Broadway Ave. in midtown Toronto, Hazelview is tackling two of the real estate sector’s most pressing challenges: decarbonizing aging buildings and addressing the shortage of rental housing in urban centres. The project combines adaptive reuse with forwardthinking urban intensification. Rather than demolishing the existing 10-storey rental building on-site, we chose to retain and upgrade it, helping to preserve housing stability for existing residents and minimize the project’s environmental footprint.

Decarbonizing aging buildings

At 75 Broadway Ave, Hazelview is upgrading an existing 1960’s-era 10-storey apartment building while simultaneously developing a new adjoining high-rise on the site of a former surface parking lot.

The revitalization of the existing building includes modernizing common areas, upgrades to all electrical and plumbing infrastructure, and installing electric heat pumps in each unit, a key step in reducing greenhouse gas emissions and improving energy efficiency. Hazelview piloted

Lamarr.AI at 75 Broadway Ave., a technology that identifies opportunities for energy efficiency improvements.

Scanning the building exterior with a drone, the AI software detected thermal bridging and air infiltration/ exfiltration in a number of areas. The analysis identified deficiencies that would not otherwise be visible without further destructive testing - saving both time and money, and led to the full remediation of the roof and facade in 2024 and 2025. Based on this pilot, Hazelview Ventures decided to lead the pre-seed funding round for Lamarr.AI.

Addressing the rental housing shortage

At 73 Broadway Ave. we constructed a new 38-storey purpose-built rental building which is uniquely designed to maximize the use of the previously underutilized urban land, while minimizing the building’s overall footprint. The tower was designed to be bolted onto the existing building and cantilevers over its 75 Broadway Ave neighbour delivering a total of 336 new rental homes to the City of Toronto. The project is also pursuing green building certifications.

INNOVATIVE AND SUSTAINABLE DESIGN FEATURES AT 73 AND 75 BROADWAY

This integrated development exemplifies Hazelview’s commitment to sustainable growth and increasing housing availability.

+ A striking cantilevered façade spanning floors 10 through 22, maximizing square footage and living space while minimizing the building’s footprint.

+ Over 15,000 square feet of shared amenities like a fitness centre, indoor/outdoor children’s play spaces, co-working space, rooftop terrace, and lounges.

+ A high-performance building envelope to facilitate climate control, electrical distribution, waste diversion, and a focus on sustainable transportation including dedicated bike stalls and twenty (20) Level 2 EV charging stations and capacity to expand to 100% as demand increases.

+ Low-flow water fixtures including a rainwater harvesting system incorporated into a portion of the green roof area.

+ Mechanical and electrical upgrades, energy-efficient heating and cooling systems, and eco-friendly materials to improve air quality and reduce the site’s carbon footprint.

+ At 75 Broadway Ave. (existing tower), decarbonization through an 85% GHG reduction of the heating system through installation of insuite electric heat pumps and an electrically heated domestic water system while pursuing Canada Green Building Council (CaGBC) certifications for green building standards.

+ A total of 520 energy-efficient suites, 336 new and 184 upgraded.

PUBLIC REAL ESTATE SUSTAINABILITY

We incorporate ESG factors and best practices into what we do.

RESPONSIBLE INVESTMENT

Our approach to responsible investment is rooted in our investment process.

Hazelview is a global investment manager focused on investing in the global listed real estate market. We invest in a variety of real estate asset classes, including multifamily, industrial, retail, office and healthcare. Our objective is to deliver superior risk-adjusted returns to our clients over the full market cycle. Based on our experience, we believe that ESG factors are critical in the evaluation of an investment’s ability to generate attractive risk adjusted future returns. To deliver on our objective, we are committed to integrating ESG and engaging with the companies we invest in throughout our investment process to ensure we are investing responsibly on behalf of our clients.

ESG integration and engagement with companies are fundamental to our responsible investment approach. By integrating ESG issues into our investment research and analysis and creating an open dialogue with management teams of companies we invest in, we are more likely to reduce risk and create sustainable shareholder value over the long term.

Our responsible investment approach enables a continuous process of driving ESG integration, fostering dialogue, gaining insights and delivering positive financial outcomes throughout the real estate investment cycle.

We consider ESG factors at each stage of the investment process and take a principled and bottom-up approach that is based on Hazelview’s Responsible Investment Policy and internationally recognized standards. Our responsible investment approach involves incorporating ESG considerations into our proprietary risk model, integrating ESG into our investment decisions, engaging with the companies we invest in and finally, reporting our ESG performance to our investors.

Hazelview Investment’s Inaugural PRI Submission

In 2021, Hazelview Investments became a signatory to the UN-supported Principles for Responsible Investment. In 2024 we completed our inaugural PRI submission which evaluates Hazelview’s responsible investment practices and processes for listed equity and real estate modules. We intend to continue pursuing an annual submission to PRI. Becoming a signatory and committing to regular PRI reporting demonstrates Hazelview’s commitment to transparent communication and active management of our responsible investing practices.

OUR CONTINUOUS RESPONSIBLE INVESTMENT CYCLE

Engaging Collecting Reporting Reflecting

Collecting

ESG data and integrating into our investment decisions.

Reflecting on the best way to deliver the highest risk-adjusted returns on ESG efforts.

Engaging with companies we invest in on their ESG implementation plans and efficiencies.

Reporting to our clients and discussing our insights from different countries and real estate sectors.

INCORPORATING ESG FACTORS INTO OUR PROPRIETARY RISK MODEL

ESG risks and opportunities are multi-faceted and complex and must be considered in the investment analysis. Our approach ensures we are reflecting not only the financial metrics but also the material ESG risks and opportunities in the valuation of a company’s cash flow potential.

We use a proprietary ESG risk model to collect and analyze key ESG information and evaluate investment opportunities. On a continuous basis, we collect ESG information from a company’s disclosures and third-party ESG rating reports. However, because third-party ESG ratings can be infrequent, imperfect, and retrospective, and

a company’s disclosures can be limited, this can result in missed opportunities. This is why we also take a forward-looking view on company ESG practices by complementing disclosures and third-party ratings with direct engagement with the company’s management team and integrating our findings into our proprietary risk analysis.

Engaging directly with management teams helps to understand a company’s forward looking sustainability programs and priorities and recognizes that sustainability is integral to the long-term success of their business.

This bottom-up approach has helped us identify opportunities to invest in progressive companies, especially when their ESG efforts have not yet been realized or reflected in public scores.

This risk analysis produces a risk rating that is applied to the valuation of each investment in our investment universe to determine an expected risk-adjusted return that is used to inform our investment decisions. We continue to refine our proprietary risk model to collect more ESG data, enhance our analysis, and evaluate how they can impact potential returns. For example, in 2023, our risk model was enhanced to include regulatory requirements such as the EU Taxonomy, Sustainable Finance Disclosure Regulation (SFDR) and decarbonization pathways such as Carbon Risk Real Estate Monitor (CRREM). Over time, we expect to rely less on external data providers and more on our proprietary ESG risk ratings and we also expect the key ESG inputs into our risk model to improve as companies’ ESG disclosures mature.

The long-term nature of real estate investing can lead to specific ESG risks and opportunities in the real estate sector. Some examples of the ESG criteria included in our proprietary risk analysis are:

ENVIRONMENTAL

+ Efficient use of energy and raw materials

+ Implementation of new efficient technology

+ Comprehensive climate change strategies

+ Green bond financing

+ Sustainable building certifications

SOCIAL

+ High standards in occupational safety and health protection

+ Equal opportunities and diversity

+ Fair conditions at the workplace, adequate remuneration and opportunities for training and further education

+ Implementation of sustainability standards amongst suppliers

+ Fair treatment of tenants and maintenance of buildings

GOVERNANCE

+ Transparent measures to prevent corruption and bribery

+ Anchoring sustainability management at board and supervisory board level

+ Linking the remuneration of the board of directors with the achievement of sustainability goals

+ Board diversity and independence

INTEGRATING ESG INTO INVESTMENT DECISIONS

Understanding the various influencing factors is critical to making an investment decision and good financial outcomes for our clients. We evaluate potential investment opportunities within our investment universe by calculating an ESG risk score. The ESG risk score is based on a qualitative and quantitative assessment of climate-related transition risk and physical risks and social and governance risks and opportunities. The ESG risk score makes up 20% of the total score, meaning environment, social, and governance risks make up 20% of our applied cost of equity.

+ Quality of Assets

+ Location

+ Lease Duration Corporation + Quality of Management

ESG RISK SCORE 20%

ENGAGING WITH INVESTEE COMPANIES

Once we make a decision to invest, we use our influence to monitor company ESG practices and support companies to improve ESG performance and disclosures. Access to comparable and consistent ESG data continues to be a challenge globally, which is why our approach includes frequent and proactive engagement with companies in our investment universe. This provides us with unparalleled insight and feedback on potential challenges or future issues.

Our process includes continuous engagement with our entire universe of 400+ issuers.

For each investment, external ESG ratings are monitored on a continual basis by each Portfolio Manager and are part of the decision to hold or exit a position. Each Portfolio Manager has access to MSCI ESG data and produces a semi-annual report with the updated MSCI ESG ratings, Controversies and UN Global Compact Compliance.

Our ESG data collection process focuses on collecting data in alignment with global frameworks, including:

+ The Paris Agreement

+ EU Taxonomy for Sustainable Activities

+ UN Sustainable Development Goals (SDGs)

+ UN Global Compact Principles

Using those reports, Portfolio Managers will engage with certain management teams, with a focus on those that did not score well or have no external scores, to review their efforts, challenges, and progress. The objective of the engagement is to understand and improve ESG performance and encourage increased ESG transparency and disclosure.

As our proprietary risk analysis improves, so does our tracking of ESG metrics and understanding of what they mean. For example, our model has historically tracked greenhouse gases and the geographic location of assets. In 2023, we added another dimension to compare the assets to the CRREM decarbonization pathway to evaluate potential transition risks. We continue to include ESG metrics into our proprietary risk model so we can monitor the progress companies are showing over time.

If we uncover unethical, governance, environmental or social issues in our investments, we will first engage with the company to investigate the issue or behaviour. However, if the matter is not resolved to our liking, we don’t hesitate to use legal or public channels to highlight the misconduct.

REPORTING TO OUR INVESTORS

We are committed to being transparent with our investors on our ESG approach and performance. In 2024, we provided select ESG reporting on a regular basis to investors. This could include MSCI ratings, controversies, and sustainable impact themes. If requested, we will provide detailed measures on the portfolio such as GHG emissions.

DATA COVERAGE

As part of our ongoing commitment to responsible investment, Hazelview systematically collects and reports on the ESG performance of our investment portfolio. This process is embedded in our annual engagement with portfolio companies and assets, where we gather key environmental and social performance indicators. This data enables us to assess the sustainability profile of our

investments and provides critical context to support our investment teams in making informed, responsible decisions.

While the ESG database is currently used as a supplementary tool in our investment decision-making process, it enhances our ability to identify risks and opportunities related to sustainability performance.

2025+ PLANS

+ Review responsible investment policy and update as necessary based on findings from the ESG materiality assessment and identified climate-related risks and opportunities

+ Continue to evaluate portfolio company transition risks via CRREM pathways

+ Continue to engage with data providers and companies to improve data availability

APPENDIX

TCFD and SASB disclosures relate to Hazelview’s Canadian multifamily portfolio for the year ended December 31, 2024.

TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD)

Recommendation

TCFD Governance A

TCFD Governance B

TCFD Strategy A

TCFD Strategy B

TCFD Strategy C

TCFD Risk Management A

TCFD Risk Management B

TCFD Risk Management C

Describe the board’s oversight of climate-related risks and opportunities.

Describe management’s role in assessing and managing climaterelated risks and opportunities.

Describe the climate-related risks and opportunities the organization has identified over the short, medium and long-term.

Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy and financial planning.

Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, include a 2°C or lower scenario.

Describe the organization's processes for identifying and assessing climate-related risks.

Describe the organization's processes for managing climate-related risk.

Section

Not applicable as Hazelview is a private company.

See the Sustainability Governance section for the individual responsible for oversight of climate-related risks and opportunities.

Sustainability Governance

Not disclosed

Not disclosed

Not disclosed

TCFD Metrics and Targets A

TCFD Metrics and Targets B

TCFD Metrics and Targets C

Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization's overall risk management. Not disclosed

Disclose the metrics used by the organization to assess climaterelated risks and opportunities in line with its strategy and risk management process.

Disclose scope 1, 2 and if appropriate, 3 GHG emissions and related risk.

Not disclosed

Resource Efficiency

Describe the targets used by the organization to manage climaterelated risks and opportunities and performance against targets. Not disclosed

SUSTAINABILITY ACCOUNTING STANDARDS BOARD (SASB)1

SASB Reference Metric Section

SASB IF-RE-000.A Number of assets About Hazelview

SASB IF-RE-000.B Leasable floor area (sf)

Family Homes

SASB IF-RE-130.a.1 Energy consumption data coverage as a percentage of total floor area

Energy consumption data coverage in 2024 was 94%. See Resource Efficiency for 2022-2024 electricity and natural data coverage.

SASB IF-RE-130a.2 Energy consumption Resource Efficiency

SASB IF-RE-130a.3 Like-for-like change in energy consumption % change in like for like energy

(2024 vs 2023)

1 The following disclosures relate to Hazelview’s Canadian multifamily portfolio.

SASB Reference Metric

SASB IF-RE-130a.5 Description of energy management

SASB IF-RE-140a.1 Water withdrawal data coverage

SASB IF-RE-140a.2 Like for like change in water withdrawn

SASB IF-RE-140a.3 Change in water withdrawn

SASB IF-RE-140a.4 Description of water management

SASB IF-RE-450a.2 Description of climate change risk exposure analysis

Section

Resource Efficiency

Resource Efficiency

% change in like for like water consumption (2024 vs 2023)

Family Homes

Multifamily: High-Rise

Residential Multifamily: Low-Rise

Residential Multifamily: Mid-Rise

Resource Efficiency

Resource Efficiency

Resilience

Hazelview Investments

Toronto 1133 Yonge Street, 4th Floor

Toronto, ON

Canada M4T 2Y7

1.888.949.8439 info@hazelview.com

New York

535 Fifth Avenue, 4th Floor New York, NY United States 10017

1.888.949.8439 usinfo@hazelview.com

Hamburg

Hohe Bleichen 8, 6th Floor 20354 Hamburg Germany

49.40.55.55.36-0 hamburginfo@hazelview.com

Hong Kong

19/F, KONNECT, 303 Jaffe Road Wan Chai, HK +852.2973.1221 hkinfo@hazelview.com

Hazelview Properties

Head Office 1133 Yonge Street, 2nd Floor

Toronto, ON M4T 2Y7

1-866-898-8868