AvalonBay Communities, Inc. Named 2022 Global and Regional Sector Leader by GRESB

Rhea-AI Summary

AvalonBay Communities, Inc. (NYSE: AVB) has been recognized as the top-performing multifamily company in the GRESB 2022 Real Estate Assessment, receiving a 5-Star Rating for the second time. This accolade underscores AvalonBay's commitment to Environmental, Social, and Governance (ESG) initiatives, highlighting their goal to reduce greenhouse gas emissions by 53% by 2030. The GRESB assessment is a global standard for ESG performance in real estate, providing insights for investors and asset managers.

Positive

• Recognized as a top-performing multifamily company by GRESB, highlighting leadership in ESG.
• Achieved a 5-Star Rating from GRESB for the second consecutive year.
• Commitment to reduce Scope 1 and 2 greenhouse gas emissions by 53% by 2030, enhancing sustainability efforts.

Negative

• None.

ARLINGTON, Va.--(BUSINESS WIRE)-- AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”), a leading developer, manager and owner of apartment communities in the United States, today announced that it has been named the top-performing multifamily company among its peers as both a Global and a Regional Sector Leader by the Global Real Estate Sustainability Benchmark (GRESB) in its 2022 Real Estate Assessment. For the second time, AvalonBay also earned a 5-Star Rating, the highest achievement level recognized by GRESB.

"We integrate ESG efforts into all aspects of our business, and we’re proud to receive this highest recognition from GRESB acknowledging our commitment to and leadership in ESG and sustainability. At AvalonBay, we understand and are driven by a strong belief that our actions, both big and small, contribute to creating a better way to live for all people, the places where we live and work, and the planet at large,” said Benjamin Schall, CEO of AvalonBay.

Earlier this year AvalonBay issued its eleventh annual ESG report summarizing the Company’s ESG accomplishments and activities for calendar year 2021 and highlighting progress towards its long-term ESG goals. These goals include the Company’s 2030 science-based targets to reduce Scope 1 and 2 greenhouse gas emissions by 53% and Scope 3 emissions by 47%. Having made this commitment in 2019, AvalonBay was the first and remains the only publicly-traded multifamily REIT in our GRESB peer group with established science-based targets that have been fully approved by the Science Based Targets initiative.

“We are very pleased that our climate change and emissions reduction efforts and investments are making an impact and that our broader ESG initiatives are producing results and being recognized by GRESB,” said Katie Rothenberg, Vice President ESG at AvalonBay. “It is a testament to the over 3,000 AvalonBay associates working each day to create a better way to live by supporting programs that help address environmental sustainability as well as meaningful change through our inclusion and diversity efforts and our Building Strong Communities philanthropy program. Being recognized as industry leaders is an honor, and we look forward to the continued evolution and growth of our ESG program.”

The GRESB Real Estate Assessment is the global standard for ESG benchmarking and reporting for listed property companies, private property funds, developers and investors that invest directly in real estate. Each year, GRESB assesses and benchmarks the ESG performance of assets worldwide, providing clarity and insights to financial markets on complex sustainability topics. The GRESB Assessments are guided by what investors and the industry consider to be material issues in the sustainability performance of asset investments and align with international reporting frameworks, goals, and emerging regulations. GRESB data is used by hundreds of capital providers and thousands of asset managers to benchmark investments across portfolios and to better understand the opportunities, risks and choices that need to be made as the industry transitions to a more sustainable future.

“GRESB Sector Leaders are the top-performing organizations leading the way to a net-zero future and pulling the industry forward. We applaud this year’s Sector Leaders for their commitment, leadership, and dedication to ESG and sustainability,” said Sebastien Roussotte, CEO of GRESB.

About AvalonBay Communities, Inc.

As of June 30, 2022, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 89,037 apartment homes in 12 states and the District of Columbia, of which 17 communities were under development and two communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. More information may be found on the Company’s website at http://www.avalonbay.com. Complete copies of AvalonBay’s current and past annual ESG Reports can be found here.

About GRESB

GRESB is a mission-driven and industry-led organization providing standardized and validated Environmental, Social, and Governance (ESG) data to financial markets. Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world, used by more than 170 institutional and financial investors to inform decision-making. For more information, visit GRESB.com.

Copyright © 2022 AvalonBay Communities, Inc. All Rights Reserved

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Jason Reilley

Vice President

Investor Relations

AvalonBay Communities, Inc.

703-317-4681

Source: AvalonBay Communities, Inc.

FAQ

What recognition did AvalonBay Communities receive in 2022?

AvalonBay was named the top-performing multifamily company by GRESB in its 2022 Real Estate Assessment.

How many times has AvalonBay received the GRESB 5-Star Rating?

AvalonBay has received the GRESB 5-Star Rating for the second time.

What are AvalonBay's goals for greenhouse gas emissions reduction?

AvalonBay aims to reduce Scope 1 and 2 greenhouse gas emissions by 53% by 2030.

What is GRESB?

GRESB is an organization that provides standardized ESG data and benchmarks for real estate and infrastructure investments.