Empire State Realty Trust Achieves GRESB 5 Star Rating in First Year of Participation
NEW YORK, Nov. 24, 2020 /PRNewswire/ -- In its first year of submission to GRESB, Empire State Realty Trust (NYSE: ESRT) earned the highest possible GRESB 5 Star Rating and Green Star recognition, and score of 88, in the 2020 GRESB Real Estate Assessment, an achievement that places ESRT in the top 20% of all respondents.
"ESRT to date has never submitted its work on Energy Efficiency, Sustainability, and Indoor Environmental Quality. To achieve this result in our first year is a testament to our more than a decade of work and the leadership of Dana Robbins Schneider, our SVP, Energy and Sustainability and Director of ESG," said Anthony E. Malkin, Chairman, President, and CEO.
GRESB is recognized globally as a rigorous standard widely recognized as one of the best measures of sustainability performance of real estate companies and funds. This recognition and inclusion in the top five of one of the most competitive GRESB peer groups in the United States demonstrates ESRT's industry leadership and innovative approach to environmental, social, and governance practices (ESG) in the real estate industry.
ESRT is proud to rank approximately 10 points higher than our peer group average and almost 20 points higher than the global GRESB Average in its first year of submission. ESRT achieved an A rating, which is the highest possible score on GRESB Public Disclosure. GRESB Public Disclosure evaluates performance of over 450 listed property companies and REITs and evaluates indicators aligned with the GRESB Real Estate Assessment.
Empire State Realty Trust's portfolio is comprised of over 10.1 million square feet, which includes the iconic, global landmark, the Empire State Building. This achievement validates ESRT's commitment to sustainability and proven performance in energy, water, waste, and greenhouse gas emissions. ESRT is also the first portfolio in the US to earn the WELL Health-Safety Rating, a science and evidence-based validation that ESRT has implemented the highest standard of health and safety measures. The rating aligns with ESRT's commitment to Indoor Environment Quality and intensive proactive response to the global pandemic. ESRT has publicly announced sustainability goals and is the most energy-efficient REIT in New York City.
Each year GRESB assesses and benchmarks the ESG performance of real assets worldwide. The GRESB Assessments are guided by what investors and the industry consider to be material issues in the sustainability performance of real asset investments and are aligned with international reports on frameworks, goals, and emergent regulations.
"To achieve a GRESB 5 Star designation in the first submission year, while extremely rare, is exactly where I expected to find Empire State Realty Trust," remarked Dan Winters GRESB Head of Americas. "Their leadership, thoughtful approach to energy efficiency and environmental-friendly outcomes put the firm at the top of the 2020 global benchmark."
"Sustainability is ingrained into who we are and what we do every day. We leverage our embedded sustainability expertise and engagement in the industry to define sustainability in real estate. As leaders in ESG, our practices drive our company's strategy and deliver long-term value for our investors, shareholders, tenants, employees, and the communities where we live and work. ESRT is part of the fabric of New York City, and is committed to the integration of impactful ESG practices in every aspect of our business," said Dana Robbins Schneider, SVP of Energy and Sustainability and Director of ESG.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the "World's Most Famous Building." ESRT is a leader in energy efficiency in the built environment and sustainability, and is the first commercial real estate portfolio in the U.S. to achieve the WELL Health-Safety Rating, an evidence-based, third-party verified rating for all facility types, focused on operational policies, maintenance protocols, emergency plans and stakeholder education to address a COVID-19 environment now and broader health and safety-related issues into the future. The Company's office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2020, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio.
About GRESB
GRESB is a mission-driven and investor-led organization providing standardized and validated Environmental, Social and Governance (ESG) data to the capital markets. Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world. In 2020 alone, more than 1,200 real estate portfolios reported to GRESB covering more than 96,000 assets. Our coverage for infrastructure includes more than 540 infrastructure portfolios and assets. Combined, the reported assets represent US $5.3 trillion AUM. The data is used by more than 100 institutional and financial investors to monitor investments across portfolios and navigate the strategic choices needed for the industry to transition to a more sustainable future.
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