W. P. Carey Releases 2023 ESG Report

Rhea-AI Summary

W. P. Carey (NYSE: WPC), a prominent net lease REIT, has published its 2023 ESG Report, highlighting significant progress across environmental, social, and governance initiatives. The report adheres to TCFD and GRI standards. Key achievements include over 50% tenant enrollment in electricity reporting, debut publication of Scope 1 and 2 emissions data, and Green Lease Leader Gold recognition for the third year. W. P. Carey executed 45 green leases in 2023, covering 13.8 million square feet. The company was also certified as a Great Place to Work® and recognized for employee health programs by the American Heart Association. Additionally, W. P. Carey maintained the highest ISS QualityScore Governance Rating of "1".

Positive

• Increased tenant enrollment in electricity usage reporting to over 50%, enhancing sustainability efforts.
• First-time publication of like-for-like Scope 1 and 2 emissions data, improving transparency.
• Achieved Green Lease Leader Gold level for the third consecutive year.
• Executed 45 green leases in 2023, totaling 13.8 million square feet, indicating strong commitment to sustainable practices.
• Approximately 82% of 2023 investment volume included green lease provisions.
• Certified as a Great Place to Work® in the U.S. for the second consecutive year, highlighting positive employee experience.
• Recognized by the American Heart Association at the Silver level for workforce health and well-being programs.
• Maintained an ISS QualityScore Governance Rating of '1', the highest possible rating.

Negative

• No specific financial data on ROI from green initiatives, leaving an unclear picture of economic benefits.
• The ESG report lacks detailed future goals, making it difficult for investors to gauge long-term plans.

NEW YORK, May 13, 2024 /PRNewswire/ -- W. P. Carey (W. P. Carey, NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced the release of its 2023 Environmental, Social and Governance (ESG) Report. Prepared in reference to disclosure standards established by the Task Force on Climate-Related Financial Disclosures (TCFD) and Global Reporting Initiative (GRI), the report summarizes W. P. Carey's progress and achievements across a range of initiatives including sustainability, social responsibility and corporate governance. It can be viewed and downloaded from W. P. Carey's website at www.wpcarey.com/esg-report.

Notable ESG achievements include:

• Increased enrollment of tenants in electricity usage data reporting to more than 50% as a percentage of both annualized base rent and square footage.
• Published like-for-like Scope 1 and 2 emissions data for the first time, further enhancing W. P. Carey's disclosures.
• Achieved Green Lease Leader Gold level recognition for the third consecutive year. In 2023, W. P. Carey executed 45 green leases totaling 13.8 million square feet of assets. In addition, approximately 82% of W. P. Carey's 2023 investment volume comprised leases with green lease provisions.
• Certified as a Great Place to Work® in the U.S. for the second consecutive year, demonstrating W. P. Carey's ongoing commitment to creating a positive employee experience and culture.
• Recognized by the American Heart Association at the Silver level of achievement on the Well-being Works Better Scorecard™, which acknowledges companies that have implemented quality workforce health and well-being programs.
• Communicated ESG objectives via W. P. Carey's ESG Policy Statement, formalizing the company's commitment to responsible business practices in the areas of environmental stewardship, social responsibility and governance.
• Maintained an Institutional Shareholder Services (ISS) QualityScore Governance Rating of "1", the highest possible rating.

Jason Fox, Chief Executive Officer, W. P. Carey said: "Thanks to our team's dedication and cross-departmental collaboration, we made significant progress on many of our ESG goals during 2023, while also advancing both the scope and transparency of our strategy. Driven by our longstanding commitment to Doing Good While Doing Well, we see corporate responsibility as a core component of our business and continue to identify and pursue opportunities that have a meaningful impact."

W. P. Carey Inc.

W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,282 net lease properties covering approximately 168 million square feet and a portfolio of 89 self-storage operating properties as of March 31, 2024. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Northern and Western Europe, under long-term net leases with built-in rent escalations.

www.wpcarey.com 

This press release may contain forward-looking statements within the meaning of U.S. Federal securities laws. A number of factors could cause W. P. Carey's actual results, performance or achievement to differ materially from those anticipated. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises, such as terrorism, military conflict, war or the perception that hostilities may be imminent, political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the Securities and Exchange Commission (SEC), could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey's filings with the SEC and are available at the SEC's website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. 

Institutional Investors:
Peter Sands
1 (212) 492-1110
institutionalir@wpcarey.com

Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
ir@wpcarey.com

Press Contact:
Anna McGrath
1 (212) 492-1166
amcgrath@wpcarey.com

 

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SOURCE W. P. Carey Inc.

FAQ

What are the key achievements in W. P. Carey's 2023 ESG Report?

Key achievements include over 50% tenant enrollment in electricity usage reporting, first-time publication of Scope 1 and 2 emissions data, Green Lease Leader Gold recognition, and over 13.8 million square feet of green leases.

What new disclosures are included in W. P. Carey's 2023 ESG Report?

The 2023 ESG Report includes the first-time publication of like-for-like Scope 1 and 2 emissions data.

How many green leases did W. P. Carey execute in 2023?

W. P. Carey executed 45 green leases in 2023, totaling 13.8 million square feet.

What percentage of W. P. Carey's 2023 investment volume included green lease provisions?

Approximately 82% of W. P. Carey's 2023 investment volume included green lease provisions.

Did W. P. Carey receive any workplace certifications in 2023?

Yes, W. P. Carey was certified as a Great Place to Work® in the U.S. for the second consecutive year.

What recognition did W. P. Carey receive from the American Heart Association?

W. P. Carey was recognized at the Silver level on the Well-being Works Better Scorecard™ for its workforce health and well-being programs.

What is W. P. Carey's ISS QualityScore Governance Rating?

W. P. Carey maintained an ISS QualityScore Governance Rating of '1', the highest possible rating.