Empire State Realty Trust Reaches Carbon Neutrality for Commercial Portfolio


Additional 100% Offset of Non-Electric Usage Through Preservation Support of 9k Acres of Biodiverse Forest

ESRT beforehand offset electrical energy with 100% renewable wind energy all through the portfolio

NEW YORK, Sept. 22, 2022 /PRNewswire/ — Empire State Realty Trust, Inc. (NYSE: ESRT) introduced right this moment that it achieved carbon neutrality for its 9.9 million sq. foot industrial portfolio via a mix of its {industry} management in constructing energy-efficiency retrofit work and a brand new three-year settlement with 18 Reserves and ACT. The new settlement helps the preservation of near 9,000 acres of biodiverse forest that can offset 100% of ESRT’s non-electric fossil gas utilization.

ESRT’s continued management in sustainability and vitality effectivity has already lowered greenhouse fuel emissions on the Empire State Building by 54% and your complete industrial portfolio by 43%. ESRT lately revealed the “Empire Building Playbook: An Owner’s Guide to Low Carbon Retrofits” – co-developed with NYSERDA and supported by different NYC-based landlords and the Clinton Global Initiative – to information constructing homeowners within the steps to realize carbon neutrality via emissions discount with much less dependence on offsets and a confirmed return on funding.

“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,” mentioned 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.”

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ESRT views offsets as a device for emissions mitigation because it actively works in the direction of vitality effectivity and discount in operational emissions inside its portfolio. In partnership with a extra renewable grid, ESRT is on monitor to realize its goal of web zero emissions with 80% discount in operational emissions on the Empire State Building by 2030 and all through its whole industrial portfolio by 2035, and the remaining 20% lined by certified offsets. ESRT contains 100% of direct emissions (scope one), oblique emissions (scope two), and oblique downstream leased property emissions (scope three) as a part of their definition of carbon neutrality and commitments to emissions reductions, offsets, and disclosure as all these areas are essential to realize carbon neutrality. 

The 9,000 acres of preserved, biodiverse forest, owned by the Department of Forestry and positioned close to Cleveland, Ohio, will absolutely offset ESRT’s steam and pure fuel utilization. This initiative enhances ESRT’s present offset of all electrical energy utilization with wind renewable vitality credit (RECs) on the Empire State Building since 2011 and all through the portfolio since January 2021 in a long-term partnership with Green Mountain Energy. The 2021 contract made ESRT the nation’s largest person of 100% inexperienced energy in actual property (supply).

“We are focused on our target to reduce operational emissions 80% by 2030 at ESB and 2035 for the entire commercial portfolio,” mentioned Dana Robbins Schneider, ESRT’s SVP, director of vitality, 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.”

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ESRT recurrently invests in and implements measures to cut back the environmental affect of its portfolio and transparently publicly shares its industry-leading practices in vitality effectivity, emissions discount, wholesome buildings, and indoor environmental high 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 details about ESRT’s management in sustainability may be discovered on-line.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns and manages workplace, retail and multifamily property in Manhattan and the better New York metropolitan space. 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 within the U.S. and #3 attraction on this planet, the newly reimagined and iconic Empire State Building Observatory. The firm is a frontrunner in wholesome buildings, vitality effectivity, and indoor environmental high quality and has the bottom greenhouse fuel emissions per sq. foot of any publicly traded REIT portfolio in New York City. As of June 30, 2022, ESRT’s portfolio is comprised of roughly 9.2 million rentable sq. ft of workplace house, 700,000 rentable sq. ft of retail house and 625 residential models throughout two multifamily properties. More details about Empire State Realty Trust may be discovered at esrtreit.com and by following ESRT on Facebook, Instagram, Twitter and LinkedIn

Forward-Looking Statements

This press launch accommodates forward-looking statements throughout the that means of the Federal securities legal guidelines. You can determine these statements by our use of phrases reminiscent of “assumes,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects” or the detrimental of those phrases or related phrases or expressions that don’t relate to historic issues. You ought to train warning in decoding and counting on forward-looking statements, as a result of they contain identified and unknown dangers, uncertainties and different components that are, in some circumstances, past ESRT’s management and will materially have an effect on precise outcomes, efficiency or achievements. Such components and dangers embody, with out limitation, (i) the present public well being disaster and financial disruption from the COVID-19 pandemic, (ii) a failure of situations or efficiency concerning any occasion or transaction described above, (iii) environmental uncertainties and dangers associated to local weather change, opposed climate situations, rising sea ranges and pure disasters; and (iv) accuracy of our methodologies and estimates concerning ESG metrics and targets, (v) tenant willingness and skill to collaborate in reporting ESG metrics and assembly ESG targets, (vi) affect of governmental regulation on our ESG efforts, (viii) and different dangers and uncertainties described infrequently in ESRT’s and ESROP’s filings with the SEC, together with these set forth in every of ESRT’s and ESROP’s Annual Report on Form 10-Ok for the 12 months ended December 31, 2021 beneath the heading “Risk Factors.” Except as could also be required by regulation, ESRT and ESROP don’t undertake an obligation to replace any forward-looking assertion, whether or not on account of new info, future occasions or in any other case. 

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