Additional 100% Offset of Non-Electric Usage
Through Preservation Support of 9k
Acres of Biodiverse Forest
ESRT previously offset electricity with 100%
renewable wind power throughout the portfolio
NEW
YORK, Sept. 22, 2022 /CNW/ -- Empire State
Realty Trust, Inc. (NYSE: ESRT) announced today that it achieved
carbon neutrality for its 9.9 million square foot commercial
portfolio through a combination of its industry leadership in
building energy-efficiency retrofit work and a new three-year
agreement with 18 Reserves and ACT. The new agreement supports the
preservation of close to 9,000 acres of biodiverse forest that will
offset 100% of ESRT's non-electric fossil fuel usage.
ESRT's continued leadership in sustainability and energy
efficiency has already reduced greenhouse gas emissions at the
Empire State Building by 54% and the entire commercial portfolio by
43%. ESRT recently published the "Empire Building Playbook: An
Owner's Guide to Low Carbon Retrofits" – co-developed with NYSERDA
and supported by other NYC-based landlords and the Clinton Global
Initiative – to guide building owners in the steps to achieve
carbon neutrality through emissions reduction with less dependence
on offsets and a proven return on investment.
"As legislation, market demand, and climate change risk push
real estate owners to meet emissions reduction requirements,
companies need to seek out more advanced ways to offset their
current usage while they work to reduce emissions," said
Anthony E. Malkin, chairman,
president, and CEO at Empire State Realty Trust. "ESRT continues to
innovate and implement ways to serve as a destination for high
quality tenants and benefit investors with considerable savings and
returns. This partnership with 18 Reserves and ACT supports efforts
to conserve and protect carbon-sequestering forest on behalf of
ESRT and our tenants."
ESRT views offsets as a tool for emissions mitigation as it
actively works towards energy efficiency and reduction in
operational emissions within its portfolio. In partnership with a
more renewable grid, ESRT is on track to achieve its target of net
zero emissions with 80% reduction in operational emissions at the
Empire State Building by 2030 and throughout its entire commercial
portfolio by 2035, and the remaining 20% covered by qualified
offsets. ESRT includes 100% of direct emissions (scope one),
indirect emissions (scope two), and indirect downstream leased
assets emissions (scope three) as part of their definition of
carbon neutrality and commitments to emissions reductions, offsets,
and disclosure as all these areas are crucial to achieve carbon
neutrality.
The 9,000 acres of preserved, biodiverse forest, owned by the
Department of Forestry and located near Cleveland, Ohio, will fully offset ESRT's
steam and natural gas usage. This initiative complements ESRT's
current offset of all electricity usage with wind renewable energy
credits (RECs) at the Empire State Building since 2011 and
throughout the portfolio since January
2021 in a long-term partnership with Green Mountain Energy.
The 2021 contract made ESRT the nation's largest user of 100% green
power in real estate (source).
"We are focused on our target to reduce operational emissions
80% by 2030 at ESB and 2035 for the entire commercial portfolio,"
said Dana Robbins Schneider, ESRT's
SVP, director of energy, sustainability, and ESG. "While we
implement measures to achieve this target in partnership with the
grid and through ROI-driven projects such as our 3.4MW solar
canopy, 8.2MW battery, and 80 EV charging station project in
Westchester, NY, we have committed
to offset the remaining fossil fuel emissions associated with our
portfolio through accredited and impactful sources."
ESRT regularly invests in and implements measures to reduce the
environmental impact of its portfolio and transparently publicly
shares its industry-leading practices in energy efficiency,
emissions reduction, healthy buildings, and indoor environmental
quality.
"Our portfolio remains an attractive offering for tenants whom
flight to quality means healthy, energy efficient buildings at an
accessible price point," Malkin added. More information about
ESRT's leadership in sustainability can be found online.
About Empire State Realty
Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns
and manages office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the
Empire State Building, the World's Most Famous Building, and
Tripadvisor's 2022 Travelers' Choice Best of the Best Awards #1
attraction in the U.S. and #3 attraction in the world, the newly
reimagined and iconic Empire State Building Observatory. The
company is a leader in healthy buildings, energy efficiency, and
indoor environmental quality and has the lowest greenhouse gas
emissions per square foot of any publicly traded REIT portfolio in
New York City. As of June 30, 2022, ESRT's portfolio is comprised of
approximately 9.2 million rentable square feet of office space,
700,000 rentable square feet of retail space and 625 residential
units across two multifamily properties. More information about
Empire State Realty Trust can be found at esrtreit.com and by
following ESRT on Facebook, Instagram, Twitter and
LinkedIn.
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Federal securities laws. You can identify these
statements by our use of words such as "assumes," "believes,"
"estimates," "expects," "intends," "plans," "projects" or the
negative of these words or similar words or expressions that do not
relate to historical matters. You should exercise caution in
interpreting and relying on forward-looking statements, because
they involve known and unknown risks, uncertainties and other
factors which are, in some cases, beyond ESRT's control and could
materially affect actual results, performance or achievements. Such
factors and risks include, without limitation, (i) the current
public health crisis and economic disruption from the COVID-19
pandemic, (ii) a failure of conditions or performance regarding any
event or transaction described above, (iii) environmental
uncertainties and risks related to climate change, adverse weather
conditions, rising sea levels and natural disasters; and (iv)
accuracy of our methodologies and estimates regarding ESG metrics
and goals, (v) tenant willingness and ability to collaborate in
reporting ESG metrics and meeting ESG goals, (vi) impact of
governmental regulation on our ESG efforts, (viii) and other risks
and uncertainties described from time to time in ESRT's and ESROP's
filings with the SEC, including those set forth in each of ESRT's
and ESROP's Annual Report on Form 10-K for the year ended
December 31, 2021 under the heading
"Risk Factors." Except as may be required by law, ESRT and ESROP do
not undertake a duty to update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
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SOURCE Empire State Realty Trust, Inc.