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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