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.
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