CLIMATE & CARBON
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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.
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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)
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.
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