AIR Communities Announces 2022 GRESB Performance

Rhea-AI Summary

AIR Communities announced a significant improvement in its GRESB score, achieving a 78, a 13% increase from the previous year. This marks the company's inaugural public GRESB score, featuring a 29% rise in environmental stewardship, a perfect score in social responsibility, and near-perfect corporate governance. AIR ranked 5th among its peers and aims to meet its sustainability targets by 2025, including reductions in energy, water, and greenhouse gas emissions.

Positive

• Achieved a GRESB score of 78, representing a 13% improvement year-over-year.
• Received a 'Green Star' for overall management and performance in ESG.
• Improved environmental stewardship score by 29% from the previous year.
• Set ambitious sustainability targets for 2025, including 15% reductions in energy and greenhouse gas emissions.

Negative

• None.

AIR’s inaugural public announcement of its GRESB performance includes a 29% improvement over the prior year’s environmental stewardship score, a perfect social responsibility score, and near perfect corporate governance score.

Denver, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Apartment Income REIT Corp., known as AIR Communities or AIR, today announced a 2022 GRESB score of 78, marking a 13% improvement over the company’s prior year performance. AIR received an “A” grade for both ESG public disclosure and for alignment with the Task Force for Climate-Related Financial Disclosures (TCFD). AIR received a “Green Star” from GRESB for overall Management and Performance in 2022, including a 29% improvement over its 2021 environmental stewardship score, a perfect social responsibility score, and a near-perfect corporate governance score. The overall results place AIR 5th among 11 peers and in the top one-third of residential entities in the Americas.

“This is AIR’s first public score as a new company, and we are pleased with the results, which showcase our commitment to continuous improvement, transparency, and disclosure,” said AIR’s Chief Corporate Responsibility Officer Patti Shwayder. “Participating in GRESB aligns with our ESG goals and strategy, providing a valuable third-party validation of our longstanding corporate responsibility endeavors.”

“Our Board of Directors is laser-focused on corporate responsibility and provides guidance and oversight on updated environmental, social, and governance priorities,” said Ann Sperling, AIR Director and Chairman of the Governance and Corporate Responsibility Committee. "We are committed to uncompromising ethics, transparency, engagement, and progress as exemplified by these GRESB scores.”

The GRESB Real Estate Assessment is the investor-driven global ESG benchmark and reporting framework for listed property companies, private property funds, real estate developers, and investors.

“This year’s participation growth across the real estate and infrastructure benchmarks underscores the continued and unwavering commitment of the global real estate industry to ESG transparency and sustainability,” said Sebastien Roussotte, CEO of GRESB.

In addition to participating in GRESB, AIR set new corporate responsibility goals in 2021 consistent with the United Nations Sustainable Development Goals (UNSDGs). The goals outline targets to reduce the company’s environmental impact by 2025, including a 15% energy reduction, 10% water usage reduction, and 15% greenhouse gas reduction. AIR’s ESG goals build upon more than a decade of investment in clean energy, energy efficiency, and water conservation, including $16.7 million invested in energy conservation between 2018-2020.

Learn more about AIR’s commitment to ESG by viewing the 2021/2022 Corporate Responsibility Report and visiting AIR’s corporate responsibility website.  

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About Apartment Income REIT Corp. (AIR Communities)
AIR is a real estate investment trust focused on the ownership and management of quality apartment communities located in the largest markets in the United States. AIR is one of the country’s largest owners and operators of apartments, with 80 communities in 11 states and the District of Columbia. AIR common shares are traded on the New York Stock Exchange under the ticker symbol AIRC and are included in the S&P 400. For more information about AIR, please visit our website at www.aircommunities.com.

FAQ

What was AIR's GRESB score for 2022?

AIR's GRESB score for 2022 was 78, marking a 13% improvement over the previous year.

How much did AIR improve its environmental stewardship score?

AIR improved its environmental stewardship score by 29% from the prior year.

What sustainability targets has AIR set for 2025?

AIR aims for a 15% reduction in energy use, 10% reduction in water usage, and a 15% reduction in greenhouse gas emissions by 2025.

In which position did AIR rank among its peers in the GRESB assessment?

AIR ranked 5th among 11 peers in the GRESB assessment.

What significance does the GRESB score hold for AIR?

The GRESB score serves as a third-party validation of AIR's commitment to corporate responsibility and ESG transparency.