Greystar Sustainability Report 2024

Progress with purpose 2024 Sustainability Report

Our approach to being a trusted partner, great employer, and a meaningful member of the communities in which we operate.

03 LETTER FROM THE CEO

05 OVERVIEW & 2024 HIGHLIGHTS

09 ENVIRONMENTAL

19 SOCIAL

26 GOVERNANCE

About This Report:

Our 2024 Sustainability Report outlines our sustainability vision and framework, as well as the importance of our Core Values and governance structure in enabling our continued success. This report covers calendar year 2024.

This Report describes Greystar’s general commitment to sustainability. It should not be assumed that we will always apply environmental, social, and governance (ESG) factors, or that the ESG factors are applied in the same way or with the same weighting. While it is the case that decisions with respect to the acquisition, retention, improvement, and maintenance of assets include consideration of one or more ESG factors, all such decisions also take into account other, non ESG factors, and ESG factors are generally no more significant than other factors in the decision-making process, such that ESG fac- tors may not be determinative in a decision to acquire, retain, improve, or maintain any particular asset. This Report is not an offer for any product. The disclosure and governing documentation for any Greystar financial product should be carefully reviewed for information about how and the extent to which ESG factors are considered for that product and note that such factors are subject to change without notice. Any case studies included in this Report are for illustrative purposes only. It should not be expected that Greystar will always implement ESG processes similar to those included in the particular case study or that similar or comparable results will consistently be obtained.

LETTER FROM THE CEO

Above all, we’ve always believed that meaningful change starts with small, everyday actions. That philosophy has guided us from day one. Through our commitment to being a valued partner to all our stakeholders, we believe we're strengthening our business, building resilience, and positioning Greystar for long-term growth.

Every day, Greystar team members show up to work driven to succeed, grow, and tackle the challenges facing the real estate industry. Through everything we do, we seek to innovate, execute, and deliver value. And no matter what we do, Greystar has always been committed to doing it the right way. In this report, I’m proud to share more about what our teams around the world are doing that make Greystar a trusted business partner, a great place to work, and a positive force in the communities we serve. As you read through, you’ll learn so much more about how we operate – from how we tackle the critical environmental opportunities we see today to how we prioritize people in and outside of Greystar, and how we are set up to deliver on our goals while setting a standard for the right way to do things.

Bob Faith Founder, Chairman, and CEO

GREYSTAR OVERVIEW

Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, and development and construction services in institutional-quality rental housing.

Team Members Globally 27.5k+ 63 $ 79b+ Offices Globally Assets Under Management (AUM)*

Markets Globally ~250 1m+ ~ $ 36b Units and Beds Under Management Global Development Assets (included in AUM)*

Headquartered in Charleston, South Carolina, Greystar manages and operates more than $290 billion of real estate in 247 markets globally including offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, with more than 1 million units/beds globally, and a robust institutional investment management platform comprised of more than $79 billion of assets under management, including approximately $36 billion of development assets.*

All numbers as of Q4 2024 AUM methodology represents assets at a fair market value (“FMV”) gross asset value (“GAV”) basis as our AUM measure. Development assets where Greystar is the primary developer, manager, or operator are calculated on a GAV basis reflective of estimated total project costs.

The AUM referenced herein should not be used when providing AUM information in conjunction with Greystar Investment Group (“GIG”). AUM includes the investment advisers’ estimated regulatory assets under management, real estate investments organized by affiliates of Greystar Real EstatePartners (“GREP”), and real estate projects where affiliates of GREP are the primary developer, manager, or operator. Assets under management are calculated at gross asset value and include estimate total project costs for real estate investments and projects that have not been completed. The investment advisers’ regulatory assets under management were $30.8 billion as of December 31, 2024.

OUR VISION & FRAMEWORK

By embedding sustainability considerations across our business lines, we support operational excellence and enhance asset performance and resilience while targeting risk adjusted returns and an elevated resident experience. We also apply these sustainability frameworks internally through employee engagement and development, community partnerships, and professional conduct. Below are high level and non exhaustive examples of priorities across these areas outlined in this report. Sustainability plays a key role across each of our business lines, and we manage sustainability risks and identify opportunities across our asset lifecycle from investment, to management.

Environmental

Social

Governance

Promote positive impacts for our team members, residents, and communities.

Build and maintain strong governance and reporting practices.

Pursue opportunities to improve the efficiency and resiliency of our portfolio.

PEOPLE & CULTURE - Inclusion - Talent Development - Well-Being

CLIMATE & CARBON - Energy Efficiency & Net Zero - Climate Risk & Resiliency - Renewables & Electrification - Energy Data Management GREEN BUILDING - Green Building Guidelines - Building Certifications - Building Performance Standards - Biodiversity

ESG INTEGRATION - ESG Policy - ESG Oversight - ESG Operating Model

ESSENTIAL HOUSING - Essential Housing & Modular - Student Housing & P3 Partners

PROFESSIONAL STANDARDS - Pillars of Excellence & Values - Code of Conduct

- Regulatory Compliance - Operational Standards

COMMUNITY & RESIDENT IMPACT - Charitable Giving & Volunteering - Resident Experience

WASTE & WATER - Recycling & Landfill Diversion - Water Efficiency

TRANSPARENCY & REPORTING

- Data Quality & Governance - ESG Disclosures & Reporting

This Report describes Greystar’s general commitment to sustainability. It should not be assumed that we will always apply ESG factors, or that the ESG factors are applied in the same way or with the same weighting. For more information, please see the disclaimer on page 2.

PROGRESS ON OUR COMMITMENTS

Greystar is committed to continual improvement across our global portfolio.

3.3% reduction in energy intensity in 2023

3.2% decrease in water intensity in 2023 (from 2022)

2.9% decrease in carbon emissions intensity in 2023

140

25 %

20 %

OPERATIONAL CARBON BY 2040 1, 6 net 0

120

2.5

We have provided our first public update on progress toward our key sustainability commitments. Environmental data on asset performance comes from our third-party reviewed GRESB submissions, ensuring consistency, reliability, and alignment with industry standards. This update includes 2022 and 2023 environmental data, as 2024 data will be made available in late 2025 following our annual GRESB reporting cycle. While the portfolio evaluated will change over time given our typical hold period, we continue to work towards year-over-year improvements across properties in line with our targets.

100

1.5

REDUCTION IN ENERGY INTENSITY BY 2030 2, 6

See page 16 for a case study on how Greystar is reducing landscaping water usage through smart irrigation technology DECREASE IN ON-SITE WATER USAGE BY 2030 3, 6

See page 10 for more detail on how Greystar is helping assets manage their energy consumption

See page 11 for an update on Greystar’s net zero planning at the asset level

2022 2023

73% of fund AUM received 3 out of 5 stars or higher in 2024

176.6k community service hours since 2022

60%

400k

50%

TWO POINTS ABOVE THE GLOBAL AVERAGE

300k

40%

Our average points score was 78

200k

30%

2024 63.6k

TEAM MEMBER COMMUNITY SERVICE HOURS CONTRIBUTED BY 2030 4, 6

TARGET THREE STAR GRESB RATING FOR PARTICIPATING FUNDS WITHIN 3 YEARS 5, 6

100k

20%

2023 66.3k

50k

10%

2022 46.7k

See page 25 for more detail on Community Giving

See page 34 for more detail on Greystar’s GRESB participation

1* 2* 3* 4* 5*

1 Net zero carbon goal scope includes scopes 1 and 2 carbon emissions from landlord-controlled areas for assets within Greystar’s discretionary residential investment vehicles measured from a 2022 baseline. 2 Energy intensity goal scope includes energy use within landlord-controlled areas for assets within Greystar’s discretionary residential investment vehicles measured from a 2022 baseline and normalized by appropriate corresponding building areas. 3 Water use goal scope includes Greystar’s discretionary residential investment vehicles measured by property from a 2022 baseline. 4 Team member community service hours measured from 2022 through 2030. 5 Greystar pays a nominal fee to GRESB to be eligible for this rating and score. 6 These sustainability goals outlined herein are purely voluntary, are not binding on investment decisions and/or Greystar’s management of investments and do not constitute a guarantee, promise, or commitment regarding actual or potential positive impacts or outcomes associated with investments made by funds managed by Greystar.

UN SUSTAINABLE DEVELOPMENT GOALS

Our commitment to sustainable real estate management is reflected in our alignment with the UN Sustainable Development Goals (UN SDGs), with a particular focus on how our sustainability initiatives can increase positive impact and decrease negative impact on our surrounding environment and communities. In 2024, Greystar initiated a SDG mapping exercise that examined our value chain activities (e.g., design, construction, operation) to identify where we have the most potential to strengthen our properties’ positive impact. Working with external advisors, we strategically mapped our initiatives to our core sustainability focus areas and objectives. By leveraging our real estate expertise, market presence, and stakeholder relationships, we are positioning ourselves to directly contribute to specific SDGs, particularly SDG 11 (Sustainable Cities and Communities), SDG 7 (Affordable and Clean Energy), and SDG 13 (Climate Action). This targeted approach enables us to create meaningful, measurable impact that aligns with Greystar’s broader sustainability strategy while delivering tangible value for our stakeholders. Our 2024 progress across these priority SDGs is detailed in the table that follows on the next page.

GOVERNANCE

S O C I A L

ENVIRONMENTAL

UN SDG ALIGNED GOALS & 2024 HIGHLIGHTS

GOALS

ALIGNED SDG

2024 HIGHLIGHTS

INITIATIVE

• Formalize on-site solar pilot projects to inform U.S. multifamily and logistics asset strategies • Develop net zero pathways for select funds and assets • Use infrastructure strategy to invest in assets supporting this initiative

• Accelerated on-site solar installations • Piloted net-zero planning software on 38 assets • First infrastructure strategy investment in an energy asset supporting decarbonization of real estate

Advance Decarbonization Efforts: Our efforts aim to expand clean energy use and chart pathways to decarbonization for our assets, reducing environmental impacts while supporting sustainable development in surrounding communities. Energy and Resource Efficiency Enhancements through Innovative Technologies: We are focused on increasing resource efficiency and reducing asset environmental footprints through innovative technologies.

• Establish a new resource management program in Europe • Integrate sustainability-related property technologies

• Rolled out energy management program in Europe • Implemented smart irrigation, compactors, and new environmental data platform across assets

• Update sustainability design guidelines for new developments • Pilot BREEAM In Use certification program for select U.S. conventional assets

Promote Sustainable Development through Design Standards and Certifications: We are committed to developing and managing buildings that are sustainable, resource-efficient, and environmentally friendly.

• Updated development sustainability guidelines • Achieved multiple green certifications

• Added physical and transition climate risks to the risks considered as part of investment diligence

Support Climate Resilient Buildings & Communities: We seek to protect communities and assets by integrating climate risk analysis into the investment diligence process which can help us to address such risks during the hold period, ultimately with the goal of making our portfolio more resilient against climate impacts. Enhance Resident Health, Well-Being, and Engagement through Building Standards and Tenant Programming: We combine wellness certifications, sustainable practices, and tenant-focused engagement programs to foster healthier living environments and communities.

• Ongoing integration of considering physical and transition climate risks as part of risks considered during investment diligence

• Piloted Fitwel and AirRated certifications at select US and UK assets • Expanded property management education and tenant wellness programming across key markets

• Pilot Fitwel and other health and wellness certifications • Support building management teams in creating sustainable spaces that encourage resident interaction

• Launched first essential housing strategy for investments in US and EU • Delivered first modular garden community through Modern Living Solutions • Partnered with 78 universities to develop and manage student housing

• Develop modular housing capabilities and drive investment in affordable housing solutions

Invest in Essential Housing Strategy: We are investing in attainable rental options for underserved populations.

• Second annual sustainabilty report published • 33 funds reported to GRESB • Conducted UN PRI gap assessment • Analyzed global reporting requirements (e.g., CSRD)

Integrate Sustainability into Reporting: Reporting progress transparently fosters accountability and builds trust with stakeholders, reinforcing Greystar's role as a responsible global partner.

• Meet current and upcoming sustainability reporting mandates • Use sustainability reporting to showcase progress toward our goals, building trust with investors, clients, and other stakeholders

ENVIRONMENTAL

$ 4.3m in US

3.3% reduction in energy intensity in line with 25% reduction target by 2030

sustainability- related captial expenditure deployed in 2024

38 assets in 2024 with net zero assessments conducted

First infrastructure investment in a district energy heating plant, a system with the potential to reduce building emissions from heating by ~40% compared to individual boiler systems

17 new green building certifications earned

across the US, Europe & APAC

CLIMATE & CARBON

UNITED STATES Our US portfolio has seen substantial investment in energy efficiency initiatives, with $4.3 million in sustainability-related capital expenditure deployed in 2024 across various programs. 1 Smart Thermostats: Following a successful pilot, smart thermostats were installed across five of our student housing properties in 2024. This technology adjusts temperature set points and run times using real time occupancy patterns and signals. This new technology has already delivered significant energy savings, with early estimates showing minimum annual cost savings of almost $350,000. We plan to roll out the technology to six more properties in 2025. HVAC Optimization: We partnered with a technology company that remotely controls and optimizes Heating, Ventilation, and Cooling (HVAC) systems to pilot their technology at our 800 Sixth Street property in New York City. The pilot project leveraged a grant from Con Edison to fund updates to building mechanical controls and install new sensor equipment and is expected to deliver $30,000 in annual energy savings. In addition to supporting our energy and emissions reduction goals, the project is helping 800 Sixth Street comply with New York City’s Local Law 97 carbon emissions requirements, which requires buildings over 25,000 square feet to comply with stricter emissions limits to reduce emissions from the city’s largest buildings by 40% by 2030.

Energy Efficiency

Greystar’s commitment to energy efficiency and carbon reduction spans our global portfolio, with targeted initiatives driving measurable progress toward our goal of reducing energy intensity by 25% by 2030. Our approach combines strategic capital deployment with innovative technology solutions to balance environmental impact with cost-effectiveness and return on investment.

US student properties with smart thermostats and 6 more installations planned for 2025

67 %

UNITED KINGDOM AND EUROPE The UK and European portfolio continues to advance its energy efficiency agenda through innovative technology pilots and comprehensive auditing. 1

in minimum annual cost savings (from US pilot) $ 350,000

reduction in the number of rooms above 75°F in the winter months (from UK pilot)

Smart Building: At our Chapter Islington student housing property, we completed installation of a smart building platform in summer 2024, which included over 2,000 multi-sensors, radiator valves, and electricity and water meters across 589 beds and common spaces. The technology platform monitors temperature, light levels, movement, CO concentrations, and humidity. A feature of this technology is its focus on resident engagement and control, as residents can use the platform to manage heating and energy usage. It can also help identify well-being needs, such as rooms with high humidity or uninterrupted occupation. The property management team educated residents on the platform, empowering students to participate in energy conservation efforts. Initial results from the pilot are promising, with the percentage of rooms above 75°F in the winter months decreasing by 67% and estimated energy use decreasing by 16,560 kWh per month. The system can also identify outliers in energy usage patterns and has identified potential for almost £72,000 in utilities savings by reducing these outliers. Energy Audits: In 2024 we completed 30 comprehensive energy audits across our multifamily and student portfolio, identifying opportunities for improved efficiency, carbon reduction and energy certificate uplifts. We aim to conduct these audits annually across a meaningful sample of our portfolio to identify and implement energy saving operational and capital initiatives with a strong return on costs. Importantly, these energy audits serve as the foundation for our net zero pathways, as detailed in the Net Zero Strategy section of this report. The property-specific data collected during these assessments enables us to create targeted decarbonization roadmaps to achieve emissions reductions while optimizing operational costs. By integrating these audits with our broader sustainability strategy, we ensure that our pathway to net zero is both technically feasible and financially valuable.

in annual savings across energy and gas costs (estimated) (from UK pilot) $ 97,000

2,000

multisensors, radiator valves, people counters, and electricity and water meters across 589 beds and common spaces (from UK pilot)

CLIMATE & CARBON

Net Zero Planning

The Laureat Fort Lauderdale, FL

UNITED STATES

Greystar is planning for a net zero future for our own assets and the cities we operate in.

We advanced our net zero operation carbon capabilities through two initiatives in 2024. For a portfolio of nine mid-rise and high-rise residential assets, we conducted net zero assessments and engineering studies to develop a detailed capital expenditure plan for each asset. These plans will be implemented over the coming years, targeting 40% reduction in whole building emissions by 2030. In addition, across 38 assets, we piloted a decarbonization planning platform that incorporates satellite imagery, energy and building data, and asset locations to generate comprehensive decarbonization plans without requiring traditional onsite energy audits, accelerating our planning process while reducing associated costs. Given the success with the platform so far, we plan to expand the program in 2025. We have onboarded over 250 properties into the platform to further understand asset opportunities and develop decarbonization plans that will inform future capital planning decisions.

EUROPE

A significant portion of our student housing portfolio has developed a multi-year program of capital projects focused on energy and carbon reduction, with an ultimate net zero goal. The portfolio advances its net zero implementation plan through a multifaceted approach, including energy audits, energy and water use reduction technologies, and lower carbon energy sources, such as district heating and air source heat pumps.

CLIMATE & CARBON

Renewables

Greystar’s approach to renewable energy deployment combines strategic partnerships, innovative assessment tools, and targeted implementation across our global portfolio.

Over 3,000 Greystar owned & managed properties onboarded onto a solar planning and implementation support platform

Onsite Solar Feasibility Analysis: Our US Property Management solar strategy has been enhanced through partnerships with our suppliers. Our partners provide asset and property management teams with preliminary feasibility assessments, clear potential savings and implementation options, and end-to-end project management from request for proposal to installation. Since launching in 2024, this program has generated significant interest, with almost 20 properties currently under evaluation and six projects in implementation stages. Post-installation, properties benefit from reduced carbon impact, enhanced compliance with building performance standards, and capacity to implement additional energy reduction initiatives. Onsite Solar Installations: Greystar continues to expand our solar portfolio across diverse property types and regions. Our Modern Living Solutions factory completed a solar design to achieve net zero operations and support lower carbon property development for our modular build properties. Our modular projects incorporate renewable energy where feasible, with solar installations completed at our Pittsburgh property and planned for future developments. Beyond our US operations, Greystar assets in Australia and China have also successfully integrated rooftop solar installations this past year.

Renewable Energy Procurement: Our European portfolio is a leader in renewable energy adoption, particularly in the Netherlands through our Dutch Essential Housing Venture. These properties will utilize innovative thermal energy storage systems for heating and cooling, complemented by extensive solar panel installations. In the US, we seek to procure renewable energy for our assets where available and economically feasible, with a focus on assets with building performance standard compliance requirements. In fact, in the US in 2024, approximately 10.5 MWh of sourced energy came from wind, solar, or thermal generators. Electric Vehicle Infrastructure: As adoption of electric vehicles (EV) grows, so does demand from residents for accessible charging stations. Our approach to EV charging installation responds to market demands while ensuring strategic deployment of resources. In the US, our property-specific assessments incorporate five-year demand projections, competitive market analysis, and detailed financial modeling to optimize charging station placement and pricing strategies. This data-driven methodology has enabled us to maintain pace with increasing resident demand while ensuring infrastructure investments align with long-term property value enhancement objectives.

1 MWh solar installation designed and planned for installation at our Modern Living Solutions factory in 2025

CLIMATE & CARBON

ENERGY DATA MANAGEMENT

CLIMATE RISK & RESILIENCY

Our enhanced energy data management platforms enable informed decision-making, facilitate performance improvement, and drive accountability across our global portfolio. Preferred Energy Data Management Platform: Following a comprehensive market assessment in 2024, Greystar selected a real estate specific energy data platform, as our preferred solution across our international operations. This decision builds upon our successful experience using the platform for our European and UK assets, while expanding coverage to our APAC portfolio. This consolidation of our international energy data management will provide enhanced visibility and analytical capabilities across our global portfolio. GreenStar: In the US, we developed GreenStar, a new energy analytics and benchmarking system that has enhanced how we measure operational efficiency across energy, water, waste, carbon, and community engagement metrics. The platform was built to address a critical challenge in our industry and a pain point felt by our property management teams: the lack of comprehensive, real-time sustainability performance tracking across utility providers. Through strategic API integrations and collaboration with our technology team, we’ve created a dynamic dashboard that monitors over 1,400 communities. Each investment client has secure, customized access to view their specific portfolio’s performance, allowing them to track sustainability metrics across their assets in real time. The system enables both property-level analysis and portfolio-wide benchmarking, giving clients visibility into how individual properties compare against their broader portfolio and similar properties within the Greystar ecosystem. GreenStar’s scoring methodology was developed to provide a more timely, relevant, and accurate benchmark than traditional systems, with scoring accounting for location and building type and leveraging Greystar’s scale to provide meaningful peer-to-peer comparisons.

Risk Assessments: Climate risk mitigation is core to our environmental strategy given the physical and transition climate risks faced by the real estate industry. Greystar annually conducts desktop physical climate risk assessment updates for all our owned assets to better understand shifting climate impacts. In 2024, we expanded these desktop reviews with on-site assessments of existing assets and certain target acquisitions. These assessments review building features such as locations of entrances as well as geographical insights like topography and evidence of high-risk weather events to build a detailed property risk profile. These granular details, coupled with desktop reviews, provide our teams with a more complete risk profile. We plan to expand these in-person assessments across more assets with the goal of implementing identified physical improvements to reduce risk. Risk Management Team: Our Risk Management and Operational Risk teams play an integral role in our climate risk and resiliency program. These teams maintain oversight of our sophisticated risk management infrastructure, which includes developing our new emergency response playbook, monitoring significant weather events such as wildfires in the US and leading our regional Master Insurance Programs across the US, Europe, and APAC regions. Climate Report: In tandem with this report, Greystar is launching our first Taskforce for Climate Related Financial Disclosures (TCFD) aligned climate report. This report provides additional details into our climate program with a focus on governance, risk identification and mitigation, value creation, and climate data.

CASE STUDY: INFRASTRUCTURE STRATEGY

Centralized, efficient operations allow for an estimated 40% lower carbon emissions compared to traditional building-level boiler systems common in the region Greystar made its first infrastructure investment at the end of 2024 to form a district energy platform company that pro- vides heating, ventilation, and air conditioning ("HVAC") to building customers and sells surplus power and capacity to the grid. The formation of this company was seeded by the acquisition of an operating district heating system which is estimated to reduce building emissions from heating by ~40% compared to individual boiler systems. 1

Greystar’s infrastructure strategy is rooted in the recognition of the permanent shifts taking place in cities around the globe driven by urbanization, energy transition, and digitization, requiring a more modern and forward-thinking approach to infrastructure today. The strategy will focus on supportive infrastructure that enhances urban living, including cleaner air and water, improved waste management infrastructure, enhanced connectivity through digital infrastructure, and more reliable power and grid infrastructure to meet the rising energy demands of growing cities. Greystar has identified adjacent thematic opportunities in sectors offering long-term secular growth, including clean power, data centers, transition fuels, social infrastructure, transportation, and logistics facilities. The company's infrastructure projects will focus on delivering reliable, clean power and enhanced grid infrastructure to support residential, industrial, and technology users. Additionally, Greystar plans to integrate infrastructure, such as cell towers, fiber to the home, rooftop solar, battery storage, and EV charging, with its existing housing and industrial real estate footprint.

In 2024, Greystar announced the launch of our Infrastructure platform to capitalize on growing opportunities in digital infrastructure, energy transition, transportation & logistics, water & waste management and social infrastructure. The platform, led by industry veterans with extensive experience investing in middle-market infrastructure, aims to identify and grow companies that develop projects which advance infrastructure solutions for urban living .

1 This example is for illustrative purposes only. It should not be expected that Greystar will always implement similar sustainability processes or that comparable results will consistently be obtained. Emissions estimates based on analysis performed by company prior to Greystar acquisition

GREEN BUILDING

BUILDING CERTIFICATIONS 1

GREEN BUILDING GUIDELINES

Asia: Three Japanese properties achieved S-rank CASBEE scores, the highest possible rating under this Japanese certification system. These assets were recognized for energy tracking capabilities and high energy-saving performance, with plans to benchmark and set energy reduction targets in 2025. In China, our flagship property in Shanghai, The Spark, achieved GB/T 50378-2019 green building qualification. The Spark features numerous sustainability elements including energy-efficient doors and windows, solar energy systems generating approximately 40,000 kWh annually. Australia: After reporting on our goal to achieve a 4-star GBCA Green Star Design rating for our Gladstone property last year, we are pleased to announce that this milestone was reached in 2024. We continue to pursue sustainable improvements at Gladstone, implementing a real-time data monitoring and analysis system to track energy efficiency across the building. We also secured a 4-star Green Star Design rating for a development in South Yarra and are targeting a 5-star rating for our Kensington project, with a strong emphasis on energy efficiency, water sourcing, and whole life emissions reduction initiatives. Additionally, our first new-build industrial asset in Queensland, Yeerongpilly Industrial Facility Warehouse, received a 5-Star Green Star–Design and As Built v1.3 certification, representing Australian Excellence in sustainable design. This project, which is expected to reach practical completion in May 2025, reflects our commitment to delivering resource efficient buildings across asset types. Europe: We implemented AirRated certifications across six assets in 2024. A health and wellbeing focused certification, the review process involves comprehensive air quality testing across seven parameters, including carbon monoxide, moisture, and pollutants. The certification has been particularly valuable for our student accommodation assets, where health and well-being are key concerns given students spend extensive time in rooms and common areas. Of the six assets, one property achieved a Platinum rating, four achieved Gold, and one earned a Silver rating. In addition to supporting tenant health and well-being, these AirRated certifications contribute to improved GRESB performance. US: In the US, our BREEAM certification program has completed six successful certifications in 2024 with 13 more planned in 2025. We are actively scaling up BREEAM In-Use certifications across our US assets during the acquisition process, particularly in two funds. Using the initial assessment results as a baseline, we work with properties to implement sustainability improvements, with the aim of improving each property’s rating in future recertifications.

Sustainability Design Guidelines: In 2023, we began updating our sustainability design guidelines for new developments in collaboration with a global engineering firm. The 30-page technical guide has now been finalized and is a resource for our global development teams. Key additions to this version include enhanced specifications for smart building technologies. We also expanded biodiversity considerations, incorporating recommendations for biodiversity baseline surveys, native and resilient plant species, and non-toxic building materials within our development footprint. In 2025, we are working to make this guide more user-friendly for our team. The Gilbert: Our new European headquarters in London, exemplifies our commitment to sustainable building practices. The building itself was developed to be Net Zero in Construction, with 90% material retention resulting in seven times less embodied carbon compared to new construction. The property has been designed with environmental, economic, and social well-being benefits in mind, achieving a BREEAM 2015 ‘Very Good’ rating, EPC ‘B’ rating, ActiveScore Platinum certification, and WELL Health & Safety certification. As part of the design of our office space, we incorporated sustainable materials and Energy Star certified IT equipment, BREEAM Refurbishment & Fit Out ‘Very Good’ and Fitwel 2 stars certification. USPM Sustainability Playbook 2 : We began developing our sustainability playbook in 2022 as one of the first projects in our formalized US Property Management (USPM) sustainability program. The playbook functions as a flexible menu of environmental initiatives and property resources ranging from community gardens to construction and maintenance best practices, allowing property management teams to select sustainability elements that best fit their property. Currently in early roll out and implementation phases, the playbook emphasizes resident engagement opportunities that enhance community experience while delivering environmental benefits. We aim to further build out the resources offered in this playbook as our programming matures to increase adoption across our portfolio.

The Spark Shanghai, China

The Gilbert European HQ, London

1 These examples are for illustrative purposes only. It should not be expected that Greystar will always implement similar sustainability processes or that comparable results will consistently be obtained. Greystar pays a nominal fee to rating agencies to be eligible for green building certifications. 2 Playbook subject to change in Greystar’s discretion. There is no guarantee that all or any playbook initiatives will be implemented for each property.

GREEN BUILDING

BUILDING PERFORMANCE STANDARDS

BIODIVERSITY 1

GREEN LOANS

BPS in the US: As cities and states across the US implement Building Performance Standards (BPS) to drive energy efficiency and emissions reductions, our properties must comply with a range of evolving requirements. Greystar Advantage Solutions, our property management service, offers Energy and Sustainability Services to provide proactive compliance support by combining energy star ratings, energy intensity information, and carbon emissions data. We now provide around 370 managed and third-party properties with custom dashboards that track performance against compliance requirements. In addition to data visualization tools, regional managers receive educational materials on applicable laws. This comprehensive approach not only mitigates against costly non-compliance penalties but positions our properties for long- term efficiency improvements aligned with Greystar and client sustainability goals.

Rooftop Beehives: Since 2021 we’ve partnered with a responsible beekeeping company to introduce urban beekeeping across more than 20 Greystar communities in the US, UK, and Europe. This joint programming not only strengthens our sustainability commitments but also fosters a deeper connection between residents and nature. Each participating property receives two hands-on beekeeping workshops per year, giving residents a unique op- portunity to engage with their local hive and beekeeper. In 2024, approximately 1,450 tenants participated in hands-on beekeeping experiences and 3,100 jars of rooftop honey were shared with residents. As part of our partner’s hive monitoring, we receive eDNA biomonitoring of bee health and local pollination, offering concrete data on our impact on biodiversity. Established hives have so far supported the pollination of 255 square miles, enhancing biodiversity across our neighborhoods. We recognize the critical role biodiversity plays in creating resilient communities. Healthy ecosystems support local flora and fauna, improve air and water quality, and enhance overall well-being.

Sustainable Financing: Our robust green loan framework and governance structure have been key in our ability to grow the number of sustainable financing loans that are available to assets in our portfolio. This framework is overseen by our formal Green Loan Committee, which meets quarterly to track risks and monitor progress across all green loan-backed projects, ensuring we maintain compliance with lender requirements while driving continuous improvement in our sustainability performance. Our demonstrated ability to meet sustainability targets has supported our expansion from a single project to close to $1.3 billion in confirmed and pipeline of green loans for assets in our portfolio within this past year. This portfolio spans multiple European countries and asset classes, incorporating various criteria including EPC ratings, BREEAM certifications, and net zero targets. Notably, one of our projects has successfully completed its first annual second-party verification, demonstrating progress toward meeting lender requirements and increasing lenders’ confidence in our ability to deliver on sustainability commitments.

Spoke Chicago, IL

WASTE & WATER

WASTE

WATER

Compactor Sensors: In 2024, we introduced Greystar Optimize, a program that uses smart technology to improve waste management efficiency. By installing predictive compactor monitoring sensors that learn each property’s specific patterns and schedule waste pickups when compactors are near capacity, we eliminate unnecessary collections, reducing both costs and associated third party vehicle emissions. Our initial analysis of over 485 properties identified potential annual cost savings of $2.7 million, and as of Q4 2024, 75 properties have implemented the technology. The program has already demonstrated meaningful impact, with some locations reducing pickup frequency by up to 65%. Recycling Enhancements: In key markets like California and Washington, partnerships with specialized waste management teams have improved recycling rates through manual waste sorting programs. These efforts have achieved an average diversion rate of 50% when deployed at our multi-family properties. Additional programs include waste leveling services, where we engage third party teams to manage cardboard recycling by breaking down boxes and ensuring proper disposal in the appropriate containers. Donations and Circularity: We have several targeted initiatives across our European portfolio that engage residents in sustainable practices and support charitable causes through non-financial contributions of goods and materials.

Smart Leak Detection: We installed a smart water monitoring system that continuously tracks flow, temperature, and pressure at a pilot property in London, using artificial intelligence to identify anomalies and prevent waste.

We piloted the technology across 684 apartments and saw a 53% reduction in water usage, translating to 1.6 million liters saved monthly and over $135,000 in annual cost savings. More importantly, the system identified that 22% of units were consuming significantly more water than expected due to hidden issues like leaky fixtures, with one extreme case using 11,600 liters daily (165 times the expected amount). Beyond immediate financial benefits, the program is reducing the property’s carbon footprint by nearly 200 tonnes CO 2 e annually, while enhancing resident satisfaction through proactive maintenance.

Sunela Phoenix, AZ

“Waste to Wonder” is a program that emerged from a practical challenge during two refurbishment projects, where we saw an opportunity to repurpose unwanted furniture rather than sending it to landfill. We partnered with a third party to manage the collection, evaluation, and redistribution process. Our partner ensures items are safe and functional before they are provided to social services in nearby communities. In the UK, our partnership with a charity retailer collecting second-hand clothes for resale across its London shops, has successfully led to recycling of 16 tonnes of clothing across our multifamily portfolio. Our Student Roost partner- ship with a cardiovascular research charity in the UK also allows departing resi- dents to donate unwanted items rather than discard them. In the Netherlands, we’ve taken circularity directly to our residents through furniture upcycling projects that transform potential waste into valuable assets while building community engagement around sustainability.

CASE STUDY: SMART IRRIGATION 1

Following the success of pilot programs in Washington, California, and Arizona, in 2024 we expanded our smart irrigation initiative to 112 properties nationwide. These properties have now installed advanced irrigation management systems that integrate with local weather stations and employ predictive rainfall technology, ensuring our properties only irrigate when necessary. The systems are connected to an interactive mapping interface leveraged by onsite managers and landscapers for more efficient equipment location and management, enabling real-time monitoring and control.

Preliminary results of the 2024 implementation have been evaluated at 22 out of 112 properties, and the results have exceeded expectations. Even with data collection periods ranging from just two to eight months, these 22 properties have already achieved remarkable results: an average reduction in water consumption of 33%, average savings of over 900,000 gallons of water, and cost reductions of ~$129,000 across sites. Some of our properties have achieved even greater efficiency levels, with water consumption reductions of up to 97% identified. We’ve seen particularly strong results across diverse climate zones, from arid regions like Arizona to rainfall-heavy areas like Florida and Georgia, demonstrating the system’s versatility across our assets with landscaping. By coupling innovative technology with our on-site property management capabilities, we’ve achieved substantial water conservation while delivering tangible operational cost savings and improved resource efficiency.

Looking ahead, we plan to expand this initiative across more properties while continuing to enhance our data analysis of our monitored assets. We are also working with our smart irrigation partner on the development of a new management dashboard that will provide portfolio-wide visibility, allowing our teams to monitor system performance, identify best practices, and support properties in optimizing their water conservation efforts. These enhanced capabilities will help ensure our partners and property teams can maximize the effectiveness of their smart irrigation systems.

112 US PROPERTIES WITH SMART IRRIGATION

900k GALLONS OF WATER SAVED ON AVERAGE 33 % REDUCTION IN WATER CONSUMPTION ON AVERAGE

SOCIAL

Launched our comprehensive Global Leadership Development Track (LDT)

63.6K volunteer hours donated by team members in 2024

$ 2M to organizations globally

over $ 390K in grants to 311 participants of the Stars in Need program

2K team members

engaged through monthly culture & inclusion programs

22 scholarships & $ 87K awarded to dependents of team members

3 essential housing projects in the US in operation & 2 in the Netherlands in development

PEOPLE & CULTURE

CULTURAL CONVERSATIONS & EVENTS

WOMEN’S INCLUSION NETWORK

PROJECT DESTINED

Project Destined is a social impact platform that trains underserved youth in real estate, finance, and leadership through hands-on internships. In partnership with Greystar, they offer programs where students work on real multifamily housing deals with guidance from Greystar professionals. In 2024, we continued our partnership with Project Destined, expanding our strategic initiative with a 4-week bridge program to provide emerging professionals with real estate development experience. The program offered a structured learning experience designed to enhance participants' understanding of real estate development processes, investment strategies, and professional networking. Over the course of a month, participants progressed from an initial project overview through deal sourcing, due diligence, and conceptual design, culminating in a site visit that allowed for practical application of learned concepts. This initiative supports our commitment to professional development and talent pipeline development by providing emerging talent with hands-on learning.

Throughout 2024, we fostered cultural awareness through monthly events that engaged nearly 1,900 team members. These events spanned various cultural observances and topics, including panels for Black History Month and Pride Month; a keynote from Boston Marathon bombing survivor Rebekah Gregory for International Women's Day; and an Asian American Pacific Islander cooking demonstration. We also hosted a panel on inclusive culture best practices to support our global workforce.

Our Women's Inclusion Network (WIN) is a professional development and networking platform open to all corporate team members who are interested in supporting equity and inclusion in the workplace. The group currently includes 790 members and focuses on fostering connection, growth, and engagement across the organization. WIN’s function is threefold, acting as a community space, delivering professional development programs, and providing a channel for input and feedback to our Culture, Inclusion & Engagement Advisory Council and other lines of business. In 2024, we hosted three virtual speaker events that attracted over 600 team members. WIN also hosts mentorship initiatives to advance professional development and build confidence among mentees, with our various mentorship initiatives reaching over 400 participants collectively.

WELL-BEING DIMENSIONS & VIRTUAL EVENTS

We believe that effective well-being programs improve the lives of team members, create a culture of health, and help drive organizational success. Throughout 2024, we maintained a well-being calendar highlighting relevant observances such as Heart Health Month and Financial Literacy Month. We use five dimensions of well-being to guide our programming:

Mental/Emotional: virtual mindfulness sessions

Physical: preventative care campaigns

Financial: financial planning workshops

Social: team building toolkits

Professional: career development events

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