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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