Progress with Purpose 2025 Sustainability Report
The Gladstone Melbourne, Australia
About This Report Our 2025 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 is informed by SASB and INREV sustainability reporting guidelines. This report covers calendar year 2025. This report describes Greystar’s general commitment to sustainability. It should not be assumed that we will always apply sustainability factors, or that the sustainability 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 sustainability factors, all such decisions also take into account other, non-sustainability factors, and sustainability factors are generally no more significant than other factors in the decision-making process, such that sustainability factors may not be determinative in a decision to acquire, retain, improve, or maintain any particular asset.
03 07
Introduction & Overview
Strong Foundations
16
Supported Communities
Momento | Vienna, Austria
26 34
Sustainable Growth
This report is not an offer to sell or a solicitation of an offer to buy any securities or investment product. The disclosure and governing documentation for any Greystar financial product should be carefully reviewed for information about how and the extent to which sustainability considerations are applied to that product, and such considerations may be subject to change without notice. In addition, only certain Greystar funds have sustainability-related objectives or designations (including under the EU Sustainable Finance Disclosure Regulation (SFDR)), and it should not be assumed that all Greystar funds incorporate such objectives or characteristics. Any case studies or examples included in this report are provided for illustrative purposes only. It should not be expected that Greystar will always implement practices or processes similar to those described, or that similar or comparable results will be achieved.
Appendices
525 Olive | San Diego, California
Letter from the CEO
I’m incredibly proud of the dedication our teams bring to the table. Across our global business, they continue to innovate, collaborate, and serve others with integrity and professionalism. Their commitment reminds me that lasting progress isn’t achieved through one defining moment, but through the everyday decisions we make and the way we choose to show up for each other. As we look ahead, our focus remains unchanged. We will continue investing with discipline, operating with principle, and building resilient communities that create long-term value for our residents, clients, and partners.
Every day, Greystar team members come to work focused on serving our residents, clients, partners, and each other. Even with the growth of our business, the values that have guided us from the beginning remain the same. We believe that doing things the right way, investing in people, and maintaining a long-term perspective creates stronger communities and lasting value for those who entrust us with their capital.
That philosophy continues to shape how we approach sustainability.
For us, sustainability is not an initiative. It’s embedded in how we invest, develop, operate, and manage housing around the world. This year, we refreshed our Sustainability Framework to better reflect the evolution of our business and goals through Strong Foundations, Supported Communities, and Sustainable Growth. Throughout this report, you’ll see how our teams are putting these principles into practice.
Bob Faith Founder, Chairman, and CEO
3
Greystar Company Snapshot As of End of Q2 2026*
4k+ communities
$51b+ equity under management ‡ $34b+ global development assets § $80b+ assets under management †
Greystar is a global real estate company with leading property management, investment management, development, and construction capabilities, enabling the delivery of institutional quality housing across markets. Headquartered in South Carolina, Greystar is the largest operator of apartments in the United States and manages and operates approximately $350b worth of real estate in over 265 markets globally, including offices across North America, Europe, South America, and the Asia Pacific Region.
1.2m+ multifamily units & student beds under property management 530+ global sponsored projects
30,800+
team members
63
offices
19
countries
265+
markets
Greystar Headquarters | Charleston, South Carolina
* All company figures as of June 30, 2026, represent data across Greystar’s businesses, including investment management, property management, development, and construction. Inclusive of the investment advisor's regulatory assets under management as well as assets organized by affiliates of Greystar Real Estate Partners ("GREP"). † Assets under management includes the investment adviser’s regulatory assets under management, real estate investments organized by affiliates of Greystar Real Estate Partners (“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 adviser’s regulatory assets under management were $36.5 billion as of December 31, 2025. ‡ Represents committed equity minus non-recallable returns of capital as of June 30, 2026. § Represents real estate projects where affiliates of GREP are the primary developer calculated at gross asset value and including estimate total project costs for projects that have not been completed as of June 30, 2026. This is a subset of the $80b+ assets under management figure above.
4
Vision & Framework
Strong Foundations Reducing impact and reinforcing the resilience of our assets.
Supported Communities Empowering our team members, residents, and communities to thrive.
Sustainable Growth
Sustainability remains a material part of how we manage risk, operate our assets, and seek to improve performance over time. In 2025, we updated our Sustainability Framework to reflect the continued growth and evolution of our business and to align with international best practice. Through this periodic review, we have refreshed our sustainability framework to reflect changes in the external environment, the evolving needs of our stakeholders, and the way we seek to create long-term value across our global portfolio and value chain. The updated material priorities provide a clearer lens through which sustainability related risks and opportunities are assessed and embedded into our investment and capital allocation strategy. 1 This refinement builds on the core priorities that have long guided our approach to value creation, such as energy efficiency, climate risk and resilience, resident experience, team member development, and responsible investment. As part of this update, we reassessed the scope of sustainability issues that impact our business and stakeholders and more explicitly elevated priorities that have become increasingly material over time. We enhanced our focus on embodied carbon, health and safety, attainable housing, sustainable infrastructure, and biodiversity, while broadening our approach to resident wellbeing to reflect the role of healthy living environments in resident satisfaction and long-term value creation.
Building trust through transparency, compliance, and responsible investment.
Improving Efficiencies
Protecting Assets
Empowering Our Team
Enhancing Resident Experience
Supporting Our Communities
Investing Responsibly
Doing Things The Right Way
Communicating Transparently
• Talent Development • Safety, Health & Wellness • Inclusion
• Resident Health & Wellbeing • Resident Engagement
• Charitable Giving & Volunteering • Attainable & Accessible Housing
• Investment Committees & Governance • Sustainability Policy
• Pillars of Excellence & Core Values • Code of Conduct • Regulatory Compliance • Operational Standards
• Data Quality & Governance • Sustainability Disclosures Reporting
• Energy Data Management • Energy & Water Efficiency
• Climate Risk & Resiliency • Building Certifications • Greenspaces & Biodiversity • Sustainable Infrastructure
• Net Zero Transition • Embodied Carbon • Recycling & Reuse
Objective Lower operating costs, stronger asset-value, and long-term stability.
Objective Stronger partner confidence, reduced compliance risk and sustained capital inflows.
Objective Higher resident satisfaction, team member retention, and social value across our communities.
Together, these changes strengthen our sustainability framework as a practical tool to inform strategy, risk management, and decision making, while supporting our goal of sustainable growth. They also reinforce that sustainability is integrated into day-to-day operations and long-term value creation, rather than a standalone workstream.
We also refreshed the titles of our sustainability pillars, Strong Foundations, Supported Communities, and Sustainable Growth, to emphasize the outcomes we seek to deliver for our partners rather than the activities themselves.
Supporting subtopics place greater emphasis on action and our role as a responsible investor. Finally, we have defined clear financial objectives for each pillar that include outcomes such as lower operating and lifecycle costs, improved resident satisfaction and retention, enhanced access to capital, and more resilient investment returns.
1 This Framework refers to Greystar’s sustainability approach as a firm and not to the strategy of any particular investment vehicle (which is captured in the vehicle’s offering documents). We will not necessarily apply all of the above sustainability focus areas and topics to every type of asset in which we invest, and the approach may vary depending on asset type and other factors. Sustainability is only one of many considerations that Greystar takes into account when making investment decisions. See additional important disclosures on page 37.
5
Progress on Commitments
Energy Use
Carbon Emissions
Water Use
Target: Reduce energy intensity 25% by 2030 4
Target: Achieve net zero operational carbon by 2040 5
Target: Reduce onsite water use 20% by 2030 6
140
1.6
40
120
1.4
35
100
1.2
Improving Efficiencies 3
30
This past year, we continued to make progress toward our long-term sustainability goals and worked to strengthen how we track performance across our global portfolio. 2 While our targets remain consistent with previous years, we have now aligned them with our updated Sustainability Framework to ensure consistency in how we manage and assess progress across sustainability risks and value creation opportunities. Environmental performance highlights reflect 2024 data, the most recent available at the time of reporting. Across the portfolio, we saw clear momentum in energy and emissions reductions between 2023 and 2024, reflecting ongoing efficiency investments and operational improvements. Progress on our water intensity reduction goal also advanced, though at a more modest pace, highlighting an area where we are focused on expanding initiatives. In 2025, community service participation grew year-over-year, reflecting strong momentum toward the 2030 service hours goal. GRESB results also showed continued improvement across participating funds, with a growing share of funds achieving three stars or more and average scores remaining above the global benchmark.
80
1
25
Progress: Achieved 8.7% reduction from 2022 to 2024
Progress: Achieved 14.7% reduction from 2022 to 2024
Progress: Achieved 4.1% reduction from 2022 to 2024
60
.8
20
40
.6
15
20
0
10
‘22 ‘23 ‘24
‘22 ‘23 ‘24
‘22 ‘23 ‘24
100k
74.9k
Supported Communities Target: 400k team member community service hours by 2030.
80k
66.3k
60k
63.6k
46.7k
251.5k total hours 2022-2025
40k
20k
0
‘22
‘23
‘24
‘25
GRESB Rating Distribution by Participating Fund AUM
Sustainable Growth Target: 3-star GRESB rating for participating funds within three years. 7, 8 • 86% of AUM received 3-stars or higher • 83% of funds achieved 3-stars within 3 years
5
2
1%
12%
13%
4
3
25%
49%
• Greystar’s average score across all funds submitted globally is 84 points, above the GRESB average score of 79 points
2 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. 3 Environmental performance metrics reflect 2024 data, the most recent year available at the time of publication. Data for 2025 will be incorporated following completion of the annual GRESB submission and scoring process later in 2026. 4 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. 5 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. 6 Water use goal scope includes Greystar’s discretionary residential investment vehicles measured by property from a 2022 baseline. Team member community service hours measured from 2022 through 2030. 7 32 of our closed-end, commingled private funds received scores out of 5 based on sustainability performance data for the period ending December 31, 2024. The GRESB Assessment is an annual, investor-driven global benchmark and reporting framework administered by a third-party organization. Scores are based on self-reported data, some of which is independently verified. Greystar pays a nominal fee to GRESB to be eligible to receive this rating and score. Scores covered a prior 12 month period ending when received in 2025. 8 GRESB star ratings are assigned on a relative basis within each peer group using quintiles. A 5 star rating represents the top 20% of participants, 4 stars the next 20%, followed by 3, 2, and 1 star for each subsequent quintile. See page 36 for definitions of GRESB scoring methodology, star ratings, and related disclosures, including scope, reporting period, and participation details.
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Strong Foundations
Art House Sawyer Yards | Houston, Texas
Highlights
Improving Efficiencies
14.7% reduction in
square miles pollinated through an expanded rooftop beekeeping program 13
~450
carbon emissions from 2022–2024 11
properties supported by building performance standards platform
440
a 19% YoY increase
8.7% reduction in energy intensity from 2022–2024 10 4.1% reduction in onsite water intensity from 2022–2024 9
gallons of water saved through smart irrigation systems 12
146.9m
translating to ~$582k in avoided water costs
green-e certified renewable electricity procured across 82 owned assets
63m kWh
avoided hauling costs by optimized waste monitoring program
$336,294
a 39% reduction in haul pickups
reduction in carbon emissions through inaugural district energy investment
~40%
compared to traditional boilers
9 Water use goal scope includes Greystar’s discretionary residential investment vehicles measured by property from a 2022 baseline. 10 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. 11 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. 12 Savings based on 2025 data provided by Greystar’s third-party smart irrigation provider. 13 Based on 2025 performance data reported to Greystar by its third-party beekeeping program provider.
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Energy and Water Efficiency
Spotlight: HVAC Optimization 14 HVAC optimization remains an important opportunity to reduce energy use and operating costs across our portfolio, particularly as smart building technologies become more sophisticated. At 800 Sixth Street, we began piloting a remote HVAC control technology in 2024 that monitors system performance in real time and adjusts settings to improve efficiency. 2025 marked our first full year of results, giving us a clearer view of how the technology performs across different seasons and occupancy patterns. Over the calendar year, the system delivered 7,423 therms of natural gas savings compared to the previous year, equal to roughly $11,432 in avoided utility costs. 15 As we refine system settings, we expect efficiency gains and cost savings to further improve over time. As the system continues to operate across a full annual cycle and additional adjustments are made, we expect to gain a more accurate understanding of the long-term savings potential and opportunities for broader deployment across similar assets.
Spotlight: Smart Irrigation 16 Greystar’s smart irrigation program combines advanced controllers, local weather station data, and predictive scheduling to ensure properties irrigate only when needed. After scaling to 112 properties in 2024, the initiative expanded to 127 in 2025. With a full year of operational data now available, 2025 marked the first year we were able to fully evaluate the impact of the program at scale. Across the portfolio, smart irrigation systems contributed to 146.9m gallons of water saved and an estimated $582k in reduced water costs compared to the previous year. 17 These savings reflect improved alignment between irrigation schedules and real-time weather conditions, as well as more consistent monitoring and adjustments by onsite teams. A key advancement in 2025 was the introduction of a performance monitoring dashboard, which provides property teams with clear visibility into watering cycles, controller status, site-level consumption trends, and program alerts. The dashboard has helped teams identify issues more quickly, optimize system settings to reduce water waste, and compare performance patterns across seasons and regions. In 2025 Greystar achieved the following across 127 participating properties: 18 67% reduction in watering frequency $4,583 average savings per property 146.9m total gallons saved
In 2025, we continued advancing the building-level technologies and operational practices introduced over the past several years to reduce energy and water consumption across our existing real estate portfolio. Our approach focuses on deploying scalable solutions that reduce utility usage, lower operating costs, and enhance the resident experience while supporting enduring asset sustainability performance. Smart Thermostats and Smart Building Technologies Following the successful deployment of smart thermostats across student housing assets last year, we expanded the program further in 2025. Smart thermostats were installed at five additional properties, bringing total installations to 13 assets. Across these assets, performance reviews show approximately 3.6m kWh of annualized energy savings compared to last year, translating to ~$627.4k in total annualized utility cost savings. The incremental 2025 installations alone delivered an estimated $344k in annualized savings, with an average payback period of 3.9 years, demonstrating the financial viability of the technology.
Water Efficiency Initiatives At the asset level, we remained focused on reducing water consumption through a combination of technology enabled solutions. In the US, efforts centered on improving efficiency through leak detection systems, smart irrigation controls, and low-flush toilet technologies, helping to minimize water loss, reduce damage risk, and avoid unnecessary repair costs. In Europe, we advanced the rollout of AI-enabled smart leak detection technology, including deployment across three London student housing assets, supporting early identification of issues and more proactive water management practices.
of annualized energy savings
3.6m kWh ~$627.4k $344k
~$582k in avoided water costs
total annualized energy savings
estimated annualized savings from the incremental 2025 installations
14 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. 15 Based on Year 1 (2025) performance report provided by Greystar’s third-party HVAC control technology provider. 16 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. 17 Savings based on 2025 data provided by Greystar’s third-party smart irrigation provider. 18 Savings based on 2025 data provided by Greystar’s third-party smart irrigation provider.
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Net Zero Transition
Renewable Energy Procurement We sought to advance renewable energy procurement for our real estate assets in 2025, focusing on US deregulated electricity markets where cost-effective green power options are available. In these markets, properties can procure electricity bundled with Green-e Certified renewable energy credits (RECs), the industry’s leading standard for audited and verified renewable energy. Our procurement approach considers regulations, property needs, and sustainability goals. In cities with Building Performance Standards, we seek to use only options that include 100% Green-e Certified RECs to help properties stay aligned with requirements. In other deregulated markets, properties can choose between traditional electricity supply and green energy products. In 2025, 82 owned assets across eight states procured more than 63 GWh of Green-e Certified RECs. Our Electric Reliability Council of Texas (ERCOT) engagement was particularly impactful, as master contracts enabled us to procure 100% Green-e Certified RECs across a large portion of the portfolio’s electricity load.
Solar We continued to conduct feasibility reviews on certain assets as new opportunities emerged, identifying properties for solar installations where operationally and financially viable. In Europe, we completed solar assessments across 134 assets in 2025, with 56 assets identified as high priority opportunities each with a projected return on investment exceeding 10%. Collectively, these high-priority opportunities are expected to deliver approximately £1.2 million in annual energy cost savings compared to 2024. Our US Essential Housing strategy incorporates the cost of installing solar to help offset common area energy demand for new developments, making solar a standard consideration in planning. 20 We are also advancing a major solar installation at our Modern Living Solutions factory. One of the largest solar photovoltaic systems within our portfolio, the system is planned to be operational by the end of 2026 and is expected to generate approximately 500k kWh per year. In total, we have over 5 MW of onsite solar in operation, design, or under construction across our real estate assets globally.
Spotlight: Decarbonization Planning A key driver of this progress has been the expansion of our partnership with a digital decarbonization planning platform for real estate assets. In 2024, more than 250 US properties were onboarded, enabling scenario modeling and early-stage assessments over a larger part of our portfolio. This past year, 13 properties progressed through the platform’s most rigorous analysis, reaching an ASHRAE Level I audit equivalent, the baseline energy audit defined by the American Society of Heating, Refrigerating and Air Conditioning Engineers. These plans identified approximately 8.1m kWh of potential electricity savings, 906,876 therms of potential natural gas savings, and an estimated 5,986 mtCO 2 e reduction if the recommended measures are implemented across the 13 assets. Teams have begun evaluating opportunities, with select projects advancing into 2026 planning. We also made meaningful progress in APAC, particularly following our April acquisition of a student housing portfolio in Australia. During the diligence process, we completed desktop audits and technical assessments of baseline energy performance. Since taking operational control in October, we have begun laying the foundations for decarbonization planning in 2026.
In 2025, we advanced the initiatives that support our net zero operational carbon goal for landlord-controlled areas within our discretionary residential ventures. Progress to date reflects steady momentum, with a 14.7% reduction in operational emissions achieved between 2022 and 2024. Our approach remains focused on improving asset-level efficiency, expanding the use of data-driven planning tools, and increasing access to lower carbon and renewable energy sources across the real estate portfolio. 19 Energy Audits and Net Zero Assessments Over the past two years, we have completed a series of energy audits and net zero assessments across the UK and Europe real estate assets that established the foundation for regional decarbonization pathways. This past year we completed four additional energy audits to further refine asset-level insights and decarbonization pathways. These European and UK audits, combined with engineering studies for selected US assets, have helped us identify efficiency measures, electrification opportunities, and capital needs across multiple asset types.
Royal Parks Akabane North | Tokyo, Japan
assets assessed for solar opportunities
134 £1.2m 5+ MW
in projected annual energy cost savings
of onsite solar in operation, design, or construction
19 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. 20 Coverage levels may vary by project.
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CASE STUDY Centerstream District Energy 2025 marked the first full year of Greystar’s infrastructure platform, during which time the platform expanded. 21, 22 Our first infrastructure investment, made at the end of 2024, was in Centerstream District Energy, which provides reliable, cost-effective and lower carbon energy to the core business district of St. Louis, Missouri.
This combination of lower emissions, operational savings, and climate resilience forms the foundation for the next phase of the system’s development, a major expansion that will extend these benefits to cooling. We believe that the chilled water system, scheduled for completion in 2028, will further improve efficiency by delivering the same cooling output to the district with approximately 15% less total installed capacity than would be required if each building relied on its own equipment. By producing and sharing cooling centrally across multiple buildings, the network is also expected to use roughly 40–50% less energy than conventional in-building technologies. We anticipate that waste heat from Centerstream’s existing cogeneration plant will be used to power much of the chilled water system. Because the plant generates electricity more efficiently by capturing and reusing heat and relies less on the region’s coal-heavy power grid, the system is expected to achieve an estimated 22% reduction in CO 2 emissions compared to the Missouri grid baseline. This design delivers a sustainability benefit while supporting reliable cooling across the district. The cooling system will also use R514A, an advanced refrigerant selected for its strong sustainability profile and low global warming potential. Once operational, the system will be able to store chilled water and deploy it throughout the day, helping smooth electricity demand and improve overall system efficiency. District energy systems can also adopt cleaner fuel sources over time, and as Centerstream evolves, we plan to evaluate opportunities to integrate further storage and renewable energy solutions, such as thermal energy storage and battery energy storage systems.
Providing reliable, cost-effective and lower carbon energy to the core business district of St. Louis.
District energy systems produce heating or cooling at a central plant and distribute it to multiple buildings through insulated underground pipes. By replacing the need for separate boilers or chillers in each building, Centerstream enables a more efficient use of energy and reduces overall fuel consumption. The energy conversion efficiency of the system is over 90%. This model can reduce carbon emissions by approximately 40% compared to traditional boilers, supporting the broader transition to a lower emissions future. 23 District energy also plays an important role in strengthening resilience as climate-related disruptions become more frequent. Centerstream operates with availability rates of 99.99%, providing the communities it serves with reliable heat and reduced maintenance costs. This reliability was demonstrated in January 2025, when a severe winter storm caused power losses across parts of St. Louis, including critical municipal infrastructure that had to rely on backup generators. In contrast, buildings served by Centerstream experienced no interruption in service, underscoring the system’s ability to maintain operations during extreme weather events and support community resilience as climate risks intensify.
21 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. The specific investments described are not representative of all of the investments purchased, sold, or recommended for Greystar funds or clients. It should not be assumed that any investment identified has or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that Greystar will be able to exploit similar investment opportunities should they arise. 22 Energy conversion efficiency, carbon emissions reduction, system availability metrics, and cooling capacity are based on internal company calculations and operational data provided by Centerstream and were calculated using publicly available emissions factors and comparative reference data, including U.S. EPA 40 CFR Part 98, Subpart C, Table C 1 and the Missouri Department of Transportation’s Carbon Reduction Strategy (2023). 23 Calculated for a standard building and a boiler’s 20-year lifecycle.
11
Embodied Carbon and Recycling & Reuse
Embodied Carbon At the end of 2025, we kicked off a pilot project on embodied carbon with a leading embodied carbon software platform. The objective of the pilot is to develop embodied carbon baselines for key product types such as garden, mid-rise and high-rise apartment buildings in key markets in the US and UK. Greystar will use the baseline information to identify opportunities to reduce carbon-intensive construction materials and save costs while informing a broader firm embodied carbon strategy and reduction targets.
Recycling & Reuse Across the US, we expanded partnerships that support enhanced recycling practices. These services, which began in California and Washington, continued to grow into markets like Colorado and Arizona in 2025. In these markets, third-party teams help reduce contamination, break down cardboard, ensure proper disposal, and align properties with local mandates. We also strengthened our ability to monitor waste and recycling performance by leveraging new on-the-ground support teams who conduct routine site audits. These teams assess container fullness, identify over or underservicing, and verify that properties are being billed for the correct level of service, a meaningful step toward more accurate waste data for the properties that we operate. By the end of 2026, we plan to develop a resource playbook, informed by our strongest performing properties, that includes regulatory guidance, best practices, and standardized signage and communication materials, to help operations teams improve recycling quality and compliance across diverse markets.
Spotlight: Optimize A major area of advancement in 2025 was the expansion of our Greystar Optimize program, which uses predictive compactor monitoring sensors to improve waste management efficiency. Following the program’s introduction in 2024, participation grew from 75 to approximately 125 properties this year, an increase of 50 sites. The technology continues to demonstrate meaningful operational and financial benefits with the program delivering measurable results across participating properties in 2025:
$336,294 in avoided hauling cost savings
1,014 haul pickups avoided
39% reduction in pickups (compared to 2024)
With up to 65% reductions in pickup frequency at certain locations compared to 2024, the initiative can extend equipment life and contribute to reduced waste transportation activity. Together, these outcomes may support associated emissions reductions and strengthen the initiative’s environmental benefits beyond cost savings. With roughly 30% of eligible properties now participating, there remains a significant opportunity to scale the program across our managed portfolio. In 2026, we plan to grow Optimize’s reach, strengthen the supporting infrastructure built this year, and introduce new analytics, including the use of tilt sensors, to validate pickup accuracy and align service levels with actual container usage.
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Climate Risk & Resilience
Understanding both physical and transition risks is essential to our operations and remains a core element of how we consider the risks of potential assets, manage existing assets, and plan for lasting operational resilience. Our approach integrates climate risk analyses, asset-level resilience evaluations, and enterprise-wide risk oversight to help our portfolio remain well positioned with resilience planning also supported by both proven solutions and emerging technologies. Diligence on certain potential real estate assets includes a desktop physical climate risk analysis that evaluates exposure across 2030- and 2050-time horizons under moderate and high emissions scenarios. We may also pair these insights with third-party onsite assessments of each building’s resilience features depending on the level of risk identified by the desktop risk analysis. These findings are incorporated into diligence materials and help inform how we think about the risks before acquiring an asset. Our teams conduct multiple physical climate risk assessments across the portfolio, including desktop screening at acquisition, onsite reviews, operational assessments during ownership, and annual portfolio level analyses. These site-based reviews evaluate topography, access points, evidence of past high risk weather events, and the performance of existing resilience measures. We also conducted APAC, US, and EU portfolio-wide climate risk analyses in 2025 and reviewed the summary results with the Operational Risk teams to help inform portfolio-level planning. While year-over-year changes in modeled climate risk remain relatively stable, given long-term climate projections and limited shifts in geographic exposure, these assessments continue to provide a consistent baseline for monitoring risk and informing decision making. In response to the findings from these assessments, we expanded climate risk training for certain team members, made updates to emergency response procedures, enhanced flood response planning at higher risk assets, and conducted resiliency assessments at select European assets to identify mitigation measures.
Alongside physical risks, we evaluate exposure to transition risks, including evolving regulatory expectations. This includes assessing an asset’s carbon intensity relative to the Carbon Risk Real Estate Monitor (CRREM) decarbonization pathways, identifying emerging building performance standards, and evaluating opportunities for renewable energy procurement, green building certifications, and cost-effective decarbonization measures. To support ongoing improvement, Greystar actively participates in CRREM’s European Regional Committee, contributing practical insights to strengthen the framework’s applicability and support the integration of multifamily and student accommodation in its pathways. Risk Management & Operational Risk Our Risk Management and Operational Risk teams remain central to this work. They oversee Greystar’s global risk management infrastructure, monitor significant weather events across regions, and support emergency response preparedness. At the end of the year, the Risk team also partnered with our insurance partner to complete a climate peril analysis, including average annual loss assessments by peril, to inform our 2026 insurance coverage. In partnership with external insurance advisors, these teams lead oversight of our Master Insurance Programs (MIPs) in North America, Europe, and APAC monitoring exposure across a range of weather-related hazards to help ensure that insurance coverage remains aligned with evolving risks. More detail on our climate governance, risk, and strategy can be found in our 2025 TCFD aligned Climate Report.
Album Mansfield | Mansfield, Texas
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Building Certifications
Green Building Certifications 24 Our approach to green building spans the full asset lifecycle including design, construction, and operation. In development, this is guided by our Sustainable Development Guide, which outlines options for smart technologies, resource efficiency, and biodiversity considerations. In 2026, we plan to integrate the topics from the guide directly into the development playbooks used across our building strategies, helping further embed sustainability considerations. Operationally, our green building efforts focus on maintaining high-performing buildings through green certifications and data-driven tools such as GreenStar and Greystar Advantage Solutions.
GreenStar The GreenStar program grew from ~1,400 properties across the US last year to ~1,600, reflecting the program’s role in providing real-time utility data, energy analytics, and benchmarking insights to support both Greystar teams and clients in managing resources more effectively. Throughout the year, GreenStar was further integrated into our business dashboards, giving property management, asset management, and operator teams a more seamless view of property- and portfolio-level energy and water performance. We are planning a broader engagement initiative in 2026 to ensure teams know how to use the platform effectively and can incorporate its insights into operational decision making. Building Performance Standards Greystar remains committed to maintaining awareness of rapidly evolving city, state, and national Building Performance Standards (BPS), which mandate energy use and carbon intensity thresholds across US markets. To support this effort, we draw on the Greystar Advantage Solutions team, our integrated operating model that includes a suite of data-driven tools and services that support operations and performance optimization. Within Advantage Solutions, our Energy & Sustainability Solutions capability focuses specifically on regulatory standards monitoring, energy and emissions tracking, and property-level sustainability standards. This function supports the integration of property-level codifications, energy and emissions data, and other key metrics into dashboards on the Advantage Solutions platform to identify areas of improvement. The platform also keeps property teams and owners informed of regulatory updates and, through quarterly communications, helps ensure a consistent, coordinated approach to evolving BPS requirements. As an indication of its success, the Advantage Solutions platform now supports 440 properties, up from 370 properties one year ago, a 19% increase.
In 2025 in continental Europe, certifications and submissions spanned BREEAM In Use (2 assets), BREEAM New Construction (7 assets), DGNB Gold (3 assets), NF HQE (4 assets), and HPI (1 asset). In 2025 in the UK, two assets achieved BREEAM New Construction “Excellent” certification during the year and 17 assets progressed toward BREEAM In Use certification, with submissions currently pending.
EU/UK
In Australia, several projects advanced toward or completed certification milestones:
In 2025, 67 US assets earned green building certifications or advanced certification applications, primarily under • IREM Certified Sustainable Property (CSP) certifications (38 assets) • BREEAM In Use certifications (26 assets) • LEED certifications (3 assets)
• South Yarra was delivered in 2025, achieving 5-star Green Star Design rating, with 5-star Green Star As Built and a NABERS assessment, Australia’s building energy rating system, underway. • Yeerongpilly achieved a 5-star Green Star Design certification in April 2025 and was completed the following month. • Zillmere, an industrial asset, is targeting a 5-star Green Star Design rating, with the certification application currently in review. Several Japanese assets that held CASBEE certification, Japan’s energy rating system, have since been sold. The current portfolio largely consists of newer, smaller buildings not yet eligible for certification; we plan to pursue CASBEE certification for a larger asset acquired in late 2025 once 12 months of energy data is available.
US
APAC
74M | Somerville, Massachusetts
24 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. Green building certifications (e.g., BREEAM, LEED, DGNB, NF HQE, Green Star, and CASBEE) are third-party assessments based on standardized methodologies that evaluate environmental performance, resource efficiency, and sustainability-related attributes of buildings. These certifications are administered by independent organizations and typically involve submission of asset-level data, documentation review, and in some cases verification. Greystar pays a nominal fee in the ordinary course of business to participate in these certification programs and to obtain ratings or certifications. Energy Performance Certificates (EPCs) are regulatory requirements in specific markets and are issued in accordance with local laws and standards.
Accolade on Regent | Sydney Australia
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Greenspaces and Biodiversity
CASE STUDY Green Finance
Spotlight: Rooftop Beekeeping Since 2021, our rooftop beekeeping program has delivered community activation, pollination impact, and built regional awareness around biodiversity for 15 communities across the US and EU. By pollinating urban farms and gardens, the program also helps to sustain local food systems and provide residents with access to fresh, locally produced honey. The initiative has expanded, with the area pollinated by our beehives increasing from roughly 255 square miles in 2024 to 450 square miles, a growth of more than 76% that reflects a positive ecological impact. In addition to these environmental benefits, urban beekeeping can also enhance a property’s green building certification performance by contributing to biodiversity, education, and community engagement criteria.
Biodiversity supports healthier communities that we believe drive long-term asset value.
Greystar’s green financing activity continued to advance in 2025, supported by our Green Loan Framework and the Green Loan Committee. 26 The Framework guides how eligible loans are monitored and reported, while the Green Loan Committee, which oversees the implementation and execution of the Green Loan Framework, meets quarterly to review prospective and active projects, confirm ongoing alignment with the Framework, and oversee regular reporting. Together, the Framework and Committee provide a consistent, disciplined approach to sustainable financing, aligned with the Loan Market Association (LMA) Green Loan Principles, and integrated into Greystar’s broader sustainability approach. This past year, our sustainable finance activity expanded significantly, with the total value of closed and in pipeline green loans reaching over £2b, up from £1.3b in the prior year. Importantly, we advanced our first project through the entire loan process. This UK development achieved: 27
New developments offer a great opportunity to integrate these considerations, and our sustainability design guidelines include biodiversity considerations and provide guidance on baseline ecological surveys. From an operational perspective in the US, Canada, and Europe, our efforts center on practical initiatives such as rooftop beehives, community gardens and green roofs, which enhance local ecosystems, support resident wellbeing and increase resilience to changes in climate. Across APAC and other global regions, biodiversity is emerging as a unique priority, shaped by high levels of urbanization and the ecological pressures present in many cities. Our teams participate in regional sustainability working groups to help define a locally relevant approach, with a current focus on identifying effective ways to integrate green spaces and support biodiversity outcomes across our assets.
• BREEAM “Excellent” at Design Stage (2025) • An EPC A rating, surpassing the Framework’s minimum EPC B requirement (2025)
Key 2025 highlights include: 25 56% increase in residents engaging with beekeeping initiatives year-over-year 21 engagement events including workshops and educational sessions
450 square miles of area pollinated
As part of our commitment to best practice, the project successfully completed an external review, receiving limited assurance that confirmed compliance with the green loan criteria. This reinforces our ability to meet lender requirements and access the widest pool of finance available to us in the market. Beyond Europe, Greystar has begun incorporating sustainability-linked financing in select APAC markets. In China, one asset is financed through a sustainability-linked loan where pricing is tied to annual reductions in energy intensity across public and untenanted areas. Performance is assessed annually using verified electricity consumption data, with margin reductions applied when targets are met. Together, these examples reflect Greystar’s growing use of financing tools that align capital with sustainability performance.
15 25 Based on 2025 performance data reported to Greystar by its third-party beekeeping program provider. 26 Green loans are financing instruments where proceeds are allocated to eligible assets and projects that meet defined environmental or social criteria under Greystar’s Green Loan Framework, which aligns with the Loan Market Association’s Green Loan Principles. Eligible projects are selected and monitored by the Green Loan Committee, with reporting provided on the allocation of proceeds and associated sustainability outcomes to support compliance with Framework and lender requirements. 27 BREEAM and LEED are third-party, industry recognized certification systems that assess the environmental performance of buildings against standardized criteria, typically based on design, construction, and operational data. Greystar pays a nominal fee in the ordinary course of business to participate in these certification programs. Energy Performance Certificates (EPCs) are regulatory ratings issued in accordance with local requirements and standards.
Supported Communities
Highlights
Supported Communities
$400k+ raised for nonprofit organizations during Greystar Gives Back 86% participation rate in the team member engagement survey the highest to date 74.9k team member community service hours in 2025
total in support, across 82 Stars in Need grants
~$200k
in scholarships awarded through Greystar Scholars
$100k+
members in the Women’s Inclusion Network (WIN)
700+
Culture & Engagement events hosted across 6 major cultural celebrations
10
closed in new P3 student housing projects
$1b+
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Essential Housing
US In the US, Greystar’s Essential Housing strategy continues to target delivering high-quality rental homes affordable to households earning between 70–90% of area median income. This population includes teachers, healthcare professionals, and other essential workers who remain underserved by traditional market rate offerings. Across the US, several Essential Housing developments advanced through lease-up or preconstruction phases in 2025. While most communities are still in the early stages of leasing, initial data suggests that projects are tracking toward their targeted affordability bands. Additional demographic and affordability indicators will be available as occupancy stabilizes in 2026, allowing for enhanced reporting on essential worker representation. A core enabler of our Essential Housing model in the US is our modular development program Modern Living Solutions (MLS), which kept maturing in 2025. This vertically integrated approach allows us to control construction processes more closely, with the goal of improving build quality and speed while lowering worker injury rates and development costs relative to conventional construction. The program’s factory in Knox, PA was intentionally developed to be an employer of choice in the region, offering attractive wages and benefits. As the factory grew, Greystar actively sought input from employees and prospective hires, many of whom identified access to childcare as a major barrier. In response, Greystar partnered with the YMCA to build a dedicated onsite childcare center, which is planned to open by the end of 2026. The center will provide low-cost childcare with priority access for factory employees while also serving the surrounding community. Even ahead of opening, it is expected to be a powerful recruitment and retention tool, helping working families overcome a key obstacle to stable employment.
The Netherlands In The Netherlands, our Essential Housing strategy continued to scale meaningfully in 2025, with construction breaking ground on several major developments that together will target delivery of over 2,000 new homes beginning as early as 2027. In 2025, the portfolio grew to include three large developments in Leiden, the Hague, and Utrecht, projects that form a significant step toward the program’s goal of providing approximately 4,600 Essential Housing homes by 2028. All communities within the venture align with The Netherlands’ regulated and mid-rent system, which sets clear rent caps and income eligibility requirements. This framework helps ensure homes remain affordable and accessible to essential workers, while the extensive use of modular and prefabricated construction techniques enhances safety and shortens onsite build times, helping deliver cost-effective homes more efficiently. Working closely with municipalities and employer networks, the team shares information about upcoming availability in advance, helping essential workers secure housing in the communities where they are most needed. Environmental considerations are embedded throughout the venture as well. Projects are targeting BREEAM In-Use Excellent and incorporate efficient heat pump systems with underground thermal storage, supporting low carbon heating and cooling while reducing the risk of summertime overheating. 2k+ ~4.6k target delivery of new homes beginning as early as 2027 goal for Essential Housing homes
Modern Living Solutions Factory | Knox, Pennsylvania
by 2028
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