Press Release / 2023

TAS Releases 2nd Annual Impact Report


June 13, 2023

News & Stories

TAS continues to drive profit and purpose with milestone advances in affordable housing, community engagement and climate change solutions.

June 13, 2023, TORONTO, ONTARIO – TAS, an industry leader in impact real estate, today released its second annual Impact Report. The report outlines how TAS leverages assets to deliver environmental and societal benefits, both today and over the long-term, while providing market returns to its investors. It also reveals insights from among the 1,000+ impact indicators the company is measuring as part of its Impact Measurement System, one of the most comprehensive and rigorous in the industry.

The 2022 Impact Report focuses on the key actions TAS carried out in 2022. It is the second annual follow-up to the company’s 2021 Impact Management Framework, which serves as its statement of purpose and sets out strategies and long-term objectives for its real estate investment, development and asset management businesses.

The world-renowned Sorenson Impact Center, which helps organizations measure, report, and improve impact, collaborated with TAS to develop the Impact Measurement System and peer-reviewed the report. “This comprehensive approach is forward-thinking in how it captures impact across the broad spectrum of issues the sector touches. We are particularly excited about the potential of these data to improve outcomes on the ground and to shift capital to verifiable impact investments,” says Alan Lo, Manager of Impact Finance, Sorenson Impact Center.

TAS’s leadership in impact is widely recognized by the broader real estate industry. In May 2023, the Building Industry and Land Development Association (BILD) awarded TAS the Stephen Dupuis Corporate Social Responsibility Award, which recognizes a company’s efforts to uphold a positive economic, social, and environmental impact on society.

“At TAS, we believe real estate is an important platform for generating meaningful impact. To deliver the best outcomes, it is imperative that we rigorously measure our impact so we can better understand where we can drive greater purpose” says Mazyar Mortazavi, TAS President and CEO. “This report demonstrates our steadfast commitment to impact and highlights how innovation is deeply anchored in all our work.” 

TAS divides its impact work into four commitments and the report includes highlights from each:

1. It Starts With Us

TAS seeks to optimize positive impacts and eliminate negative impacts created through its day-to-day business and operating decisions. In 2022, TAS:

  • led the industry in diversity with 53% female and 57% BIPOC team members, and
  • continued building the most comprehensive and rigorous Impact Measurement System in the industry, including:
    • designing a data system that aligns with the guidance of the most reputable international bodies, and
    • developing and committing to measuring nearly 1,000 impact indicators.

2. Tackling Climate Change

Building more while polluting less is among the greatest challenges of our generation. TAS recognizes that to be part of the solution, it needs to make radical changes in how it develops and operates projects. In 2022, TAS:

  • developed a Whole-Life Net-Zero strategy, which it is piloting at 880 Eastern Avenue, and
  • diverted 93% of waste (32,000 tonnes or the equivalent of more than 5,300 orca whales) from landfill at its 2 Tecumseth Street project.

3. Broadening Affordability & Equity

People and businesses across Canada are being priced out of their own neighbourhoods. As part of its commitment to Broadening Affordability and Equity, TAS:

  • finished construction of The Campbell in Toronto, providing 236 new rental units, including 10 affordable homes for women-led households fleeing domestic violence,
  • reached 8.8% affordable gross floor area (GFA), with an aim of at least 10% in all new buildings, and
  • acquired two new sites, underwriting 10% affordable GFA in each.

4. Building Social Capital

TAS defines social capital as the value created when people experience safety, trust and inclusion in their community, and can build connections with others. In 2022, TAS:

  • delivered engagement or placemaking initiatives at 100% of our projects in the entitlements phase.

The full report can be seen here.

– 30 –

For more information or to request an interview, please contact:
Andrea Chrysanthou

TAS is an unconventional impact company that uses real estate as a tool to drive profit and purpose. An industry leader in impact real estate, TAS has an active pipeline and portfolio totalling over 7 million square feet across 22 properties throughout the Greater Toronto and Hamilton Area with an ongoing national strategy that is expanding across key Canadian cities.