2021 GRESB
Assessment Results
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2021 has seen tremendous growth and change in ESG. As the industry evolves rapidly, the baseline changes and the bar rises as we race globally to fight climate change. To limit temperature-rise to 1.5 degrees, the next 10 years will be critical. Bold action will be required to move the needle, and the real estate industry is a key player in the efforts to cut global carbon emissions.
An important aspect of decarbonizing the building sector is participating in the GRESB Assessment, which offers a powerful platform to validate and provide credibility for ESG performance. The 2021 GRESB Assessment results have arrived and we are incredibly proud of our clients for their high ranks, which reflects the truly exceptional progress they are making in their sustainability initiatives and programs. This newsletter shares our clients' GRESB results and explores how they are elevating their ESG performance to even new heights.
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Highlights
Client Achievements & Recognitions
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Verdani Partners is excited to share the outstanding performance of our clients on the 2021 GRESB Real Estate Assessment, the leading ESG benchmark for real estate investments around the world. In 2021, we submitted 32 GRESB assessments on behalf of 11 clients’ national and international real estate portfolios with over 900 million square feet and $370 billion in assets under management.
Highlights include:
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3 clients (4 submissions) placed 1st in the Real Estate Benchmark, Management and Performance: CommonWealth Partners, PGIM Real Estate and GID Investment Vehicle
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3 clients placed 2nd in their peer group in the Management & Performance Ranking: ARA and Jamestown LP
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3 Americas Regional Sector Leaders: CommonWealth Partners (office), Jamestown LP (office / retail) and GID Investment Vehicle (residential / multi-family)
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9 submissions ranked in the top 3 of their peer groups
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16 submissions ranked in the top 5 of their peer groups
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10 GRESB 5 Star Ratings: ARA, CommonWealth Partners, GID Investment Vehicle, Jamestown LP, Parkway and PGIM Real Estate
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5 GRESB 4 Star Ratings: Clarion Partners, The Howard Hughes Corporation, and PGIM Real Estate
Learn More
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Standing Investment Benchmark
Client Spotlights
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CommonWealth Partners (CWP)
Despite the increasingly competitive nature of the GRESB Assessment, we are proud to share that CWP maintained their top rank in 2021 as 1st in U.S. Office Corporate High-Rise in the Standing Investments Benchmark for the second year running. 2021 marks the 8th year CWP has participated in the Assessment and this year they once again earned a GRESB 5 Star Rating.
CWP was also awarded the prestigious title of the Office Overall Regional Sector Leader. The GRESB Sector Leader Award recognizes real estate and infrastructure companies, funds and assets that have demonstrated outstanding leadership in sustainability each year.
Read CWP GRESB Blog
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GID
We are proud to announce that for the second consecutive year, a GID investment vehicle achieved 1st rank in the U.S. Residential, Multifamily Core Non-Listed Category. GID was also recognized as a Regional Sector Leader in the 2021 GRESB Benchmark. In addition, a second investment vehicle managed by GID in the same asset class has earned a top-ten ranking in its first reporting year.
Read GID GRESB Blog
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American Realty Advisors (ARA)
ARA excelled in ESG+R performance on the 2021 GRESB Real Estate Assessment, placing 2nd among U.S. Diversified Core Funds and earning a GRESB 5 Star Rating. This represents a 14% increase from 2020. ARA also achieved a 6% increased score in U.S. Corporate High-Rise Office from 2020 to 2021.
Read ARA GRESB Blog
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Jamestown LP
We are proud of our long-standing client Jamestown for achieving 2nd in their peer group and a GRESB 5 Star Rating, which is the highest rating and recognition for an industry leader that is achieved by only 20% of entities in the benchmark. They also were awarded the prestigious distinction of Overall and Regional Sector Leader in North America Diversified Office Retail Core.
Learn More About Jamestown
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The Howard Hughes Corporation (HHC)
This year, HHC scored significantly above the global average, ranking in the upper third of the North America Diversified Listed category for the GRESB Standing Investments Benchmark. Despite the rising competition within the benchmark, HHC earned a prestigious GRESB 4 Star Rating, indicating exceptional sustainability performance for their diversified portfolio of office, multifamily, retail, industrial and other properties throughout the U.S. Since 2018, HHC’s overall GRESB score has improved by 23%.
Learn More About HHC
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PGIM Real Estate
In an impressive showing, PGIM Real Estate ranked 1st in the U.S. Diversified Value-Added peer group (U.S. Value-Add Fund). They garnered four 5 Star submissions across U.S. and Asia diversified, residential multi-family, high-rise office and retail peer groups (U.S. Core Fund, U.S. Impact Fund, Separate Client Account and Goldridge). They also achieved three 4 Star submissions across U.S. and Western Europe diversified and corporate office peer groups (U.S. Core Plus Fund, U.S. Value-Add Fund and European Value-Add Fund).
An notable 50% of submissions increased by one or more star ratings from 2020. While 13 of 14 submissions increased Management & Performance scores from 2020, 6 of 8 submissions increased Management & Development scores from 2020.
There was a 20% single-year improvement in overall Management & Performance score in the U.S. Senior Homes peer group. They also achieved a 24% single year improvement in overall Management & Performance score in the Western Europe Diversified peer group.
Learn More About PGIM Real Estate
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The SEC's Proposed Rules Concerning ESG Disclosures
Learn important Securities and Exchange Commission (SEC) updates in this edition of Verdani Insights, where we explore the potential implications for the real estate industry of upcoming rulemakings regarding mandatory company ESG disclosures. Areas of interest include climate-related risks and opportunities, human capital management and corporate board diversity.
Read Article
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