WashREIT Achieves the First-Ever BREEAM Certification for Multifamily Industry in the US
February 15 2022 - 9:00AM
Business Wire
Following a $350 million green bond expansion
last year, WashREIT has completed the certification of eight
multifamily assets and affirmed its position as an ESG leader for
the US multifamily real estate sector
WashREIT (NYSE: WRE) has announced the successful certification
of eight multifamily assets under BREEAM’s In-Use certification
standard. This achievement marks a significant milestone for both
WashREIT and BREEAM as it signifies the first set of multifamily
assets to receive BREEAM certification in the US.
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The multifamily developments which have received BREEAM
certification include Assembly Alexandria, Assembly Dulles,
Assembly Germantown, Assembly Herndon, Assembly Leesburg, Assembly
Manassas, Assembly Watkins Mill, and Cascade Landmark. These assets
— which WashREIT acquired in 2019 — include a total of 2,390 units
and span locations across Virginia and Maryland. WashREIT turned
specifically to the guidance provided through the BREEAM
certification process to bring these developments – most of which
were in excess of 30 years old – to its sustainable standard.
Notably, half of the assets certified earned a rating of ”Very
Good.”
“We’re focused on existing Class B assets – and historically,
this asset class has lacked in sustainability investments. But
residents and investors alike care about sustainability,” said Paul
McDermott, President and CEO of WashREIT. “As we work with BREEAM,
our goal is to create opportunities for the industry and other
operators to also find ways to invest in sustainable improvements
and achieve ESG certifications for their assets.”
In 2021, WashREIT announced the expansion of its Green Bond
Framework, setting aside $350 million in capital for eligible green
projects; it was through this green bond that the eight
certifications were funded. Through this process, WashREIT is
setting a standard and leading the US’s movement toward the
effective use of sustainable capital allocation and ESG funding,
which will be of increasing importance as green bond issuances are
projected to surpass $1 trillion by the end of 2022.
BREEAM, the leading sustainability assessment method developed
by BRE Group (BRE), was the sustainability certification of choice
for WashREIT based on its rigorous certification process and the
return on investment offered to both multifamily and older
facilities. As WashREIT continues to invest in and strengthen
sustainability efforts across its portfolio, the company intends to
work with reliable global partners that support ESG and net zero
carbon advancements. The REIT is currently in the process of
pursuing BREEAM certifications for additional assets across its
portfolio, leveraging BREEAM to standardize sustainable operations
across properties, both existing and future acquisitions.
Additionally, sufficient capital will be allocated toward a number
of on-site improvements and enhancements.
“Real estate is ripe with opportunities for sustainable
improvements, and we’re proud to be working with WashREIT to
demonstrate how these opportunities can be leveraged in the
multifamily sector, as well as across the industry at large via
green financing options,” said Breana Wheeler, US Director of
Operations at BRE. “In recent years, we have seen a significant
demand for owners and operators to improve their ESG performance,
and in that time WashREIT has exerted a conscientious and
ultimately successful effort to exemplify its own commitment to
measure its performance and report against external sustainable
standards across its portfolio. Moving forward, the implementation
of a holistic, science-based approach to building performance will
prove crucial for the success of any asset, and we see this as the
first of many partnerships with REITs and the entirety of the real
estate sector.”
The assets’ certification process was led by an independent
third-party assessor UL, a global safety science leader. UL’s role
was critical to WashREIT’s achievement of safety, security and
sustainability goals across the portfolio, as the assessor provided
third-party assessment of each building's sustainable quality and
ESG performance.
About WashREIT WashREIT owns
approximately 8,000 residential apartment homes in the Washington,
DC metro and the Southeast. WashREIT also owns and operates
approximately 300,000 square feet of commercial space in the
Washington, DC metro region. We are focused on providing quality
housing to under-served, middle-income renters in submarkets that
we believe are poised for strong, sustained demand. With a proven
track record in residential repositioning, we are utilizing the
experience and research from the Washington, DC metro region to
continue to grow as we geographically diversify into Southeastern
markets. Learn more about WashREIT at
https://www.washreit.com/.
About BRE & BREEAM BRE
delivers innovative and rigorous products, services, standards and
qualifications which are used around the globe to make buildings
better for people and for the environment. For a century we have
provided government and industry with cutting edge research and
testing to make buildings safer and more sustainable. Learn more at
www.bregroup.com. BREEAM is the world’s leading science-based suite
of validation and certification systems for sustainable built
environment. Since 1990, its third-party certified standards have
helped improve asset performance at every stage, from design
through construction, to use and refurbishment. Millions of
buildings across the world are registered to work towards BREEAM’s
holistic approach to achieve ESG, health and Net Zero goals. It is
owned by BRE - a profit-for-purpose organization with over 100
years of building science and research background. Learn more at
www.breeam.com/usa.
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version on businesswire.com: https://www.businesswire.com/news/home/20220215005404/en/
Media: Isabella Sarlo, Antenna Group 201-465-8045
isabella.sarlo@antennagroup.com
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