Environmental, Social and Governance
“Sustainability is not just a competitive edge or an optional business strategy—it’s a collective obligation.”
At Shorenstein, sustainability means enhancing investment performance, operational resilience, and business governance for the benefit of the company’s properties, tenants, employees, investors, and communities. We embrace sustainability as an opportunity to improve our business practices and create value while also reducing our impact on the environment and strengthening the communities in which we operate.
Shorenstein strives to be an industry leader in sustainability practices, and in 2008 formalized a “Green Committee” with a strong commitment to energy conservation and responsible environmental practices. We aim to employ operational best practices by setting annual goals and measuring our performance through national and international benchmarks such as LEED, Energy Star, Green Lease Leaders, the US Department of Energy Better Buildings Challenge, and GRESB. We believe these efforts have added value to our portfolio, including through reduced operating expenses and increased tenant satisfaction.
ANNUAL ESG REPORT
DIVERSITY, EQUITY & INCLUSION
Responsible Investing
We recognize that ESG considerations can meaningfully affect investment performance, and these factors are critical components of our research, analysis, decision making, and asset operations. We are committed to conducting business ethically, legally, and consistent with our core values. Shorenstein is committed to enhancing building performance, operational resilience, and business governance for the benefit of our properties, tenants, employees, investors, and communities. Our investments team employs a disciplined investment process that aims to both unlock value creation opportunities and evaluate potential material ESG risks, while striving for the best possible outcomes within our investment guidelines.
PROPERTY HIGHLIGHTS & CASE STUDIES
ESG HIGHLIGHTS
Building Certifications & Ratings
Renewables Stats
EV Charging Stats
Total LEED Certified
Number of Properties: 40
Square Feet: 16 million
Total ENERGY STAR Benchmarked
Number of Properties: 66
Square Feet: 21.3 million
Off-Site Renewable Energy
Number of Properties: 13
Square Feet: 5 million
Total Consumption: 35,900 MWh
EV Charging Stats
Number of Properties: 38
Square Feet: 8.4 million
Total 2022 ENERGY STAR Certified
Number of Properties: 20*
Square Feet: 10.7 million
Total Health and Well-being Rated
Number of Properties: 23
Square Feet: 13 million
On-Site Renewable Energy
Number of Developments: 4
*The number of properties eligible for 2022 ENERGY STAR certification was lower than previous years due to not meeting the occupancy threshold, as a result of post-COVID pandemic occupancy trends.
**Includes those with Fitwel, WELL Health-Safety Rating, and WELL certification.
Performance Indicators
Year-end 2022 Performance
![Top Divider](/wp-content/uploads/2024/06/Shorenstein-Top-Arrow-Down.png)
energy
22%
From 2018 Baseline
![Bottom Divider](/wp-content/uploads/2024/06/Shorenstein-Arrow-Down.png)
![](https://shorenstein.com/wp-content/uploads/2024/06/Shore-Powerlines.jpg)
energy
Data coverage: 94%
Intensity: 13.7 kWh/sf
Total Energy Consumption ’22: 251,700 MWh
![Top Divider](/wp-content/uploads/2024/06/Shorenstein-Top-Arrow-Down.png)
water
44%
From 2018 Baseline
![Bottom Divider](/wp-content/uploads/2024/06/Shorenstein-Arrow-Down.png)
![](https://shorenstein.com/wp-content/uploads/2024/06/Shore-Water.jpg)
water
Data coverage: 93%
Intensity: 6.7 USgal/sf
Total Energy Consumption ’22: 111,500 kgal
![Top Divider](/wp-content/uploads/2024/06/Shorenstein-Top-Arrow-Down.png)
waste
37%
Diversion from Landfill
![Bottom Divider](/wp-content/uploads/2024/06/Shorenstein-Arrow-Down.png)
![](https://shorenstein.com/wp-content/uploads/2024/06/Shore-Landfill.jpg)
waste
Data coverage: 85%
![Top Divider](/wp-content/uploads/2024/06/Shorenstein-Top-Arrow-Down.png)
carbon
36%*
From 2018 Baseline
![Bottom Divider](/wp-content/uploads/2024/06/Shorenstein-Arrow-Down.png)
![](https://shorenstein.com/wp-content/uploads/2024/06/Shore-Smokestacks.jpg)
carbon
Data coverage: 94%
Scope 1: -13.6% reduction
Scope 2 (location-based): -3.2% reduction
Scope 2 (market-based): -16% reduction
Total MTCO2e Emissions ‘22: 77,000
Reflects location-based total emissions, as reported in GRESB.
*Shorenstein’s reported absolute Scopes 1 and 2 (location-based) greenhouse gas (GHG) emissions, which include emissions associated with Shorenstein operating assets, were 77,000 MTCO2e in 2022, against a baseline of 94,400 MTCO2e in 2018. Shorenstein’s reported Scopes 1 and 2 GHG emissions intensity (kgCO2e/sq ft) was 2.6 in 2022, against a baseline of 4.1 in 2018. GHG emissions intensity is the measure of total Scopes 1 and 2 GHG emissions per square foot of gross floor area. This information is based on self-reported emissions data from Shorenstein and its investments. Shorenstein utilizes emissions factors and estimates approved and provided by relevant industry sources as well as operational data. Shorenstein engaged an independent third party to provide ISO-aligned verification of the 2022 emissions data. Neither the 2018 absolute emissions data nor the 36% reduction in GHG emissions intensity have been independently verified by a third party.
BUILDING PARTNERSHIPS, CERTIFICATIONS, & INITIATIVES
GRESB
The ESG benchmark for real estate assets, GRESB works in collaboration with the industry to define the global standard for sustainability performance in assets and providing standardized and validated ESG data. We have been participating in the GRESB Real Estate Assessment since 2014 and continue to be a leader among our peer group.
GREEN LEASE LEADERS
Shorenstein has been involved with Green Lease Leaders, which recognizes building owners who are effectively using the lease to drive energy and environmental savings in commercial buildings. Shorenstein has maintained its Gold level designation and has just achieved renewal status in 2023.
LEED
The Leadership in Energy and Environmental Design rating system is an internationally recognized green building certification developed by the U.S. Green Building Council (USGBC) and administered by Green Business Certification, Inc. (GBCI). Shorenstein is a Platinum member of USGBC. We require that all Shorenstein existing buildings and development projects pursue LEED certification where feasible. During 2022, our portfolio consisted of 40 LEED certified assets totaling over 16 million square feet.
ENERGY STAR CERTIFICATION
The ENERGY STAR platform dynamically scores each building on a percentile scale, measuring its energy performance compared to a nationally representative statistical model. In 2022, 20 properties in our portfolio were ENERGY STAR Certified, totaling 10.7 million square feet.
ENERGY STAR Certification Nation Award
Shorenstein is a Member of EPA’s Certification Nation. 2022 marked the 30th Anniversary of the EPA’s ENERGY STAR program and to celebrate, and Shorenstein earned ENERGY STAR certification for 20 of our buildings in 2022—establishing that our buildings are among the most energy efficient buildings in the in the nation. The certification is a one-time recognition of ENERGY STAR leaders in the industry.
Better buildings
Better Buildings is an initiative of the U.S. Department of Energy (DOE) designed to improve the lives of the American people by driving leadership in energy innovation. Through Better Buildings, DOE partners with leaders in the public and private sectors to make the nation’s homes, commercial buildings, and industrial plants more energy-efficient by accelerating investment and sharing successful best practices. At Shorenstein, we’re honored to be involved with many Better Building programs, including:
- Better Buildings Challenge
- Low Carbon Pilot
- Water Savings Network
- Waste Reduction Network
IMPROVING OUR COMMUNITIES
Shorenstein Support of Charities and Organizations
The communities where Shorenstein buildings are located are very much like our second homes, and we support them accordingly. Through leadership, volunteerism, and financial support, Shorenstein has established meaningful relationships with the organizations below.
Community Benefit Districts/Business Improvement Districts
Shorenstein strives to participate in and support Community Benefit Districts and Business Improvement Districts in our operating markets where they are formed. These non-profit organizations supplement local municipal services, enhancing the cleanliness and safety of neighborhoods. Through financial support, professional leadership, and active involvement, we work to help these communities:
San Francisco
- Downtown Community Benefit District
- Civic Center Community Benefit District
- Mid-Market Community Benefit District
- Tenderloin Community Benefit District
Oakland
- Downtown Benefit District
SACRAMENTO
- Downtown Sacramento Partnership Property Based Improvement District
MINNEAPOLIS
- Minneapolis Downtown Improvement District
PITTSBURGH
- Downtown Pittsburgh Business Improvement District
PHILADELPHIA
- Center City District