Intent

Identify the participating entity. The entity name will be used to identify the entity on the GRESB portal and will be displayed in the entity’s Benchmark Report.

Terminology

Entity name: Fund or company name of the investable entity for which the Assessment is submitted. In the case of listed companies, the entity name is the legal name of the organization, also used for identification on international stock exchanges. In the case of non-listed entities, the entity name identifies the investable portfolio for which the Assessment is submitted.

Entity manager (organization) name: Legal name of the organization that manages the entity (typically applicable for non-listed entities only).

Requirements

Complete all applicable fields.

Intent

Describe the ownership status and characteristics of the participating entity.

Terminology

Closed end fund: An investment vehicle with a fixed amount of capital. Limited liquidity, with the redemption of units provided for at the end of the life of the vehicle.

Core: An entity that includes a preponderance of core attributes; the entity as a whole will have low leasing exposure and low leverage. A low percentage of non-core assets is acceptable. As a result, such portfolios should achieve relatively high-income returns and exhibit relatively low volatility. Low-risk entities that invest in stabilized, income producing property, which is typically held for 5 to 10 years and have limited acquisition/disposal activity after the fund has been invested. Assets in core funds are characterized by stable income returns with less capital growth.

A Core Plus fund invests in similar style assets but adopts a more aggressive management style. Core Plus entities are considered Core for the purposes of the GRESB Assessment.

Finite structure: Refers to funds that have a specific termination date, otherwise known as the funds expiration or liquidation date.

First closing: A date specified by the manager on which the vehicle is launched, the initial capital subscription is completed and the commitment period commences.

Fund or vehicle: Terms used to describe a structure where at least three investors’ capital is pooled together and managed as a single entity with a common investment aim. For the purposes of these definitions, these terms can be used interchangeably.

Government entity: A real estate portfolio managed by a government agency (e.g. U.S. General Services Administration, GSA). Government portfolios are formed of publicly owned, publicly managed and publicly leased properties.

Infinite structure: Refers to funds with no specified or intended termination dates.

ISIN: International Securities Identification Number. ISINs are assigned to securities to facilitate unambiguous clearing and settlement procedures. They are composed of a 12-digit alphanumeric code and act to unify different ticker symbols, which can vary by exchange and currency for the same security. In the United States, ISINs are extended versions of 9-character CUSIP codes.

Listed entity: A company that is publicly listed and traded on a recognized stock exchange, such as Nasdaq or NYSE. Also known as "public entities”.

Non-listed entity: A company or fund that is not a listed or traded on any stock exchange. Also known as private entities or private portfolios.

Open end fund: An investment vehicle with a variable and unlimited amount of capital. Investors may purchase or redeem units or shares from the vehicle as outlined in contractual agreements.

Opportunistic: An entity of preponderantly non-core investments that is expected to derive most of its return from appreciation/ depreciation and/ or which is expected to and may exhibit significant volatility in returns. This volatility may be due to a variety of characteristics, such as exposure to development, significant leasing risk, high leverage, or a combination of moderate risk factors. High-risk entities that invest in greater yielding assets; for example, developments without pre-leasing, properties involving significant repositioning or that are distressed, and large portfolio acquisitions, purchased to be re-packaged and sold in smaller lot sizes. Opportunity funds generally maintain higher leverage limits and have shorter holding periods for assets.

REIT: A Real Estate Investment Trust is an investment vehicle for real estate that is comparable to a mutual fund. Listed REITs are traded on a stock exchange.

Value-added: An entity that generally includes a mix of core investments and non-core investments that will have less stable income streams. The entity as a whole is likely to have moderate lease exposure and moderate leverage. As a result, such entities should achieve a significant portion of the return from appreciation/ depreciation and are expected to exhibit moderate volatility.

Moderately higher-risk entities that typically engage in “forms of active management, such as tenant lease-up, repositioning or redevelopment, to generate returns through adding value to the investment properties”.

Year of commencement: The year in which the reporting entity began investing in the market. If a listed entity is delisted (i.e., taken private) but remains under the same management, the date of original commencement can be used for “date of first closing” for the new non-listed entity. If the entity is taken private by a new management company, the first day of closing should be the date of privatization. This information is not used for scoring and used for context only; portfolio vintage may affect the ability to implement ESG policies and strategies.

Requirements

Select one of the options, select all applicable sub-options and complete the year of first closing/commencement. Entities reporting to GRESB are expected to represent investable vehicles, and these entities are expected to include all direct real estate assets held by the vehicle (i.e., the whole portfolio).

If two or more listed companies merge into one entity during the reporting period, report on the structure, policies and procedures of the newly formed entity as of the end of the reporting period.

Note: GRESB Real Estate Investor Members that invest in listed real estate securities have access to the results of all listed entities that participate in the GRESB Real Estate and/or Developer Assessment. Publicly traded closed-end fund should be considered as non-listed entity given their level of disclosure requirements.

Reference

INREV Global Definitions Database, 2018

Intent

Set the entity’s annual reporting period.

Terminology

Calendar year: January 1 – December 31.

Fiscal year: The period used to calculate annual financial statements. Depending on the jurisdiction the fiscal year can start on April 1, July 1, October 1, etc.

Reporting period: Responses provided in the Assessment must refer to the reporting period identified in this indicator and should correspond to the most recently closed calendar year / fiscal year, as applicable. A response to an indicator must be true at the close of the reporting period; however, the response does not need to have been true for the entire reporting period. GRESB does not favour the use of calendar year over fiscal year or viceversa, as long as the chosen reporting period is used consistently throughout the Assessment.

Requirements

Select one of the options.

Intent

Establish whether there is a relationship with GRESB Partners (industry associations). Each entity on this list is a GRESB partner, receiving annual reports that show aggregate GRESB results for their membership. It is important for NAREIT members to select “NAREIT” for enrollment in the Leader in the Light Award Program (see Introduction for more information).

Terminology

See definitions in Appendix - Terminology Acronyms.

Requirements

Select one or more of the options. You can answer this indicator either at entity level or organization level.

Intent

Set the currency for which the entity’s real estate portfolio of assets is denominated.

Requirements

State the currency used by the entity for Assessment indicators that require a monetary value as a response.

Other: State the other currency form.

Intent

Gross asset value (“GAV”) is a metric used in GRESB data analysis to identify the size of the portfolio.

Terminology

GAV: Gross Asset Value.

Requirements

Complete the GAV field in millions (e.g., a GAV of $75,000,000 must be reported as 75). Do not include a currency, as this has been reported in indicator RC1 above, but make sure the currency applied for GAV reporting is consistent with indicator RC1.

The value provided should be the GAV of the real estate portfolio at the end of the reporting period, and should include New Construction and Major Renovation projects (if any).

As an alternative to GAV, you may report using the market value, the fair value or Net Asset Value (NAV) of the portfolio, at the end of the reporting period.

Intent

Metrics are needed to ensure comparability for benchmarking and reporting purposes. Set the reporting units used by the entity.

Requirements

Select one of the options, and use it consistently when reporting the floor area of the portfolio.

Intent

The entity’s primary business activity(ies) during the reporting period is used to determine which GRESB Aspect(s) should be completed.

Terminology

Developer Assessment: In addition to the GRESB Real Estate Assessment, GRESB offers a stand-alone GRESB Developer Assessment, for companies and fund managers that focus on development activities rather than the management of standing investments. The GRESB Developer Assessment evaluates the ESG performance of companies and funds, focusing on policies, strategies and measures related to new construction and major renovation projects.

Major Renovations: Alterations that affect more than 50 percent of the total building floor area or cause relocation of more than 50 percent of regular building occupants. Major renovation projects refer to buildings that were under construction at any time during the reporting year.

New Construction: Includes all activities to obtain or change building or land use permissions and financing. Includes construction work for the project with the intention of enhancing the property’s value. Development of new buildings and additions to existing buildings that affect usable space can be treated as new constructions. New construction projects refer to buildings that were under construction at any time during the reporting year.

Standing Investments: Real estate properties where construction work has been completed and which are owned for the purpose of leasing and producing rental income. The level of occupancy is not relevant for this definition. Also known as operating buildings.

Requirements

If you select:

• Management of standing investments only – only complete Aspects 1-7 of the GRESB Real Estate Assessment. You will receive an overall GRESB Real Estate score.
• Management of standing investments and development of new construction and major renovation projects – complete all indicators in Aspects 1-7 of the GRESB Assessment, as well as the New Construction and Major Renovations Aspect. You will receive two scores: a GRESB Real Estate Score and a separate New Construction and Major Renovations Score.
• Development of new construction and major renovation projects – complete the GRESB Developer Assessment. You will receive a GRESB Developer Score.

Who should complete the GRESB Developer Assessment?

• Organizations that develop properties, or acquire property development projects, with aim to sell the ownership stake upon the project’s completion. Projects may be developed to a tenant‘s specification (build to suit), commissioned by an investment manager, or developed at risk.
• Organizations that acquire properties exclusively for redevelopment and resale.
• Organizations that manage standing investments as a by-product of their development activities, and for whom the development activities are considered to be the core business.

Indicator aligned with PRI Reporting Framework 2018, Direct Property, OO PR 03: Largest property types

Intent

Portfolio composition information determines the structure of the Performance Indicators and Building Certification aspects, and forms the base for GRESB peer groups.

GRESB aims to benchmark participants against similar property types. If that is not possible, we will group property types defined in “Other” based on their property type characteristics.

Terminology

Data Centers: Property used for the purpose of data storage, processing and/or distribution. Examples may include, but are not limited to: telecommunications centers and data storage centers.

Hotel: Includes hotels, motels, youth hostels, lodging, and resorts.

Healthcare: Buildings used for the purpose of primary healthcare. Examples may include, but are not limited to: hospitals, clinics, physical therapy centers and mental health centers.

Industrial, Distribution warehouses: Industrial buildings used for the purpose of storing, processing and distribution of goods to wholesalers, retailers and/or consumers.

Industrial, Manufacturing: Industrial buildings used for the purpose of manufacturing. Otherwise known as a factory or manufacturing plant.

Industrial, Business parks: An industrial business park is an area zoned for the purpose of industrial development, where (light-weight) industrial buildings are grouped together with offices. Examples may include, but are not limited to: industrial estate, trading estate and enterprise zone.

Lodging, Leisure & Recreation: Indoor center used for the purpose of leisure and recreation. Examples may include, but are not limited to: exercise facilities, indoor sports courts, fitness studios, movie theaters, swimming centers and saunas/steam rooms.

Medical office: Examples may include, but are not limited to: offices specifically used for the purpose of medical administration, secondary research or other purposes, exclusive of the property types specified for Healthcare.

Office: Includes free-standing offices, office terraces, unattributed office buildings and office parks.

Operational control: The ability to introduce and implement operating and/or environmental policies and measures.

Other: State the other property type. Possible other answers may include, but are not limited to: kindergarten, community halls. Only use this option if your investments do not fit into any of the options given.

Parking (indoors): Enclosed, indoor vehicle parking facilities, usually consisting of numerous levels for which vehicles are intended to be parked. Otherwise known as multi-story car park, parking building, parking garage, stacked car parking and indoor parking.

Retail, High street: Retail buildings located on the high street in a particular area, usually terraced buildings located in the city centre or other high-traffic pedestrian zones.

Retail, Shopping centers: Enclosed centers for retail purposes. Examples may include, but are not limited to: regional malls and shopping malls.

Retail, Warehouse: Refers to buildings in an un-enclosed retail space, otherwise known as a strip center or strip mall, whereby buildings are usually stand-alone and situated side-by-side with their entrance facing a main street or carpark.

Residential, Multi-family: Refers to multiple residential dwelling spaces contained within one building, otherwise known as a multi-dwelling unit. This includes low-, mid- and high-rise apartment blocks.

Residential, Family homes: Includes both single-family homes and multi-dwelling units not including apartment blocks. A single-family home is a separate, free-standing residential building. A multi-dwelling family home includes those such as two-flats, duplex, semi-detached, and townhouses. Synonyms include: Single-family home, single-detached dwelling, detached house, single-family residence, separate house, free-standing house, townhouse, duplex, condo, semidetached, villa.

Residential, Student housing: Residential buildings used for the purpose of housing students, otherwise known as student apartments, student houses, student residence, student quarters, and student accommodation.

Self-storage: Indoor building or warehouse used for the purpose of self-storage for individuals and/or organizations, otherwise known as self-service storage.

Senior homes: Residential buildings used for the purpose of housing seniors, otherwise known as senior assisted living homes, retirement homes/apartments, retirement villages, old-age homes.

GRESB aims to benchmark participants against other similar property types. If that is not possible, we will group property types defined in “Other” based on their property type characteristics.

Requirements

Entities reporting to GRESB are expected to represent investable vehicles and must include all direct real estate assets held by the vehicle (i.e., the whole portfolio) at any time during the reporting period. If you have questions regarding the allocation of assets to a certain property type category, please contact GRESB using the “Ask GRESB” button next to indicator RC 5.1 in the Assessment Portal.

Please note that the fields in RC5.1 will be automatically overwritten once you upload the Performance Indicators asset level. We therefore recommend to prepare and upload the asset level information for the Performance Indicators section prior to filling in RC5.1

We therefore recommend to:

• Prepare and upload your Asset-level Spreadsheet onto your Assessment prior to filling in RC5.1.
• Complete the missing fields in RC5.1 (i.e. “Floor Area Type” and “% of GAV”)
• Review all fields in RC5.1 to ensure it is accurate and complete

Floor area type: Select the type of floor area used across the portfolio. The floor area type selected will not influence the analysis, as long as it remains consistent throughout the entire Assessment. It is recommended to report on floor areas using the International Property Measurement Standard (IPMS). IPMS aims to establish a globally consistent methodology for property measurement.

It is mandatory to include the whole floor area for the entire portfolio of the investable entity, regardless of:

• Restrictions on management control resulting from (a) the landlord and tenant relationship or (b) the ownership structure of the entity. For more information regarding managed/indirectly managed assets (landlord/ tenant relationship only) and reporting boundaries, see the Reporting scope and boundaries section below.
• The period of time an asset was part of the portfolio during the reporting period. For assets purchased or sold during the reporting period, you must:

1. Include these buildings in the overall reporting scope defined in RC5.1.
2. Include these buildings in the calculations of Absolute Consumption for Performance Indicators (only include the consumption for the period of time the assets were part of the portfolio).
3. Not include these buildings in Like-for-Like Consumption.

Management style (Managed and Indirectly Managed assets): The GRESB Real Estate Assessment seeks to benchmark portfolios against others with similar management styles. Classifying your properties and/or floor areas by their correct management style is a vital component of correct reporting. The two management styles used in the GRESB Real Estate Assessment are as follows:

• Indirectly Managed: The definition is solely based on the landlord/tenant relationship and is relevant to asset-level data collection and aggregation. For Indirectly Managed assets or buildings, the single tenant is determined to have operational control. For example, in the case of a full repairing and insuring (FRI) lease, the tenant has operational control meaning that the asset is Indirectly Managed.
• Managed: When both the landlord and tenant have the authority to introduce and implement any or all of the operating and/or environmental policies mentioned above, the property should be reported as a Managed Asset.

Percentage Indirectly Managed: Percentage calculated based on total floor area per property type. The numerator is the total floor area of Indirectly Managed assets per property type. The denominator is the total floor area per property type, not the total floor area of the whole portfolio (i.e., the purpose is to calculate the fraction of Indirectly Managed for each property type).

Percentage GAV: Report the portfolio’s property type diversification (if applicable), by fraction of total GAV or net operating income (NOI). The GAV value for this indicator should be calculated as the GAV of standing investments at the end of the reporting period plus GAV of standing investments sold during the reporting period. The sum of percentages must add up to 100 percent.

Number of assets: Report on the total number of assets for each property type. It is possible for the total number of assets reported in the table to exceed the actual number of assets, as mixed-use properties can be reported separately among property type components depending on data coverage (see Mixed-use assets).

Units: Starting 2018, reporting in units is no longer permitted (see 2018 Assessment development overviews in the Introduction section for more information). Instead, participants are required to provide the (lettable) floor area of the portfolio. If no actual floor area data is available, participants should use industry specific estimates and list the applied methodology in RC5.2.

Mixed-use assets/properties: For mixed-use assets that lack data availability by individual property type components, responses will depend on the structure and weightings of the asset. A choice for a single property type may only be made if one of the property type components accounts for more than 75% of the asset’s GAV.

For example, when the asset consists of:

• 75% Office; 25% Retail — two options exist:
• Report the asset as Office (and include the entire asset’s floor area)
• Report the asset as Other: Mixed use (In RC5.1 and in Performance Indicators)
• 60% Office; 40% Retail – one option exists:
• Report the asset as Other: Mixed use (In RC5.1 and in Performance Indicators)

Joint ventures (“JVs”): When an asset is owned as part of a joint venture, joint operation, or is in joint ownership, participants are required to report on these assets, even if the joint arrangement means that the participant does not have direct operational control over the asset(s). Joint venture partners with a 25% or more stake in the asset are considered to have significant influence over operational initiatives, and can therefore drive implementation of sustainability initiatives and performance improvements, even if the operational control is with another partner.

• If the equity share in a JV is more than, or equal 25%, participants may choose to either: (a) report the GAV equivalent of their share or (b) report on the full asset GAV. This must be done consistently throughout the portfolio and regardless of operational or management control.
• If the equity share in a JV is less than 25%, participants can exclude the asset(s) from the reporting boundaries. In either case, participants must explain their approach in the open text box in RC5.2.

Note: Participants may choose to express the GAV size of the assets using the rules above, but they must always express the physical size of the asset using the entire floor area of the asset. If an asset is part of multiple portfolios managed by the same fund manager, the asset should be treated as a JV in each portfolio. The rules outlined above apply. Reporting JV assets may result in a property being included in two separate GRESB submissions (one from each partner). However, this does not impact GRESB’s analysis or the benchmark results.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.1, Organisational Boundaries; 5.2, Coverage; 5.7,Analysis-Segmental Analysis

Intent

The intent of this indicator is to ensure the portfolio represented in RC5.1 is complete and accurate. The information provided in RC5.1 determines the entity’s peer group composition. Please refer to Appendix 9 Peer Group Allocation Methodology for more information on the GRESB Peer Group Allocation.

Requirements

“Floor area”, “% of GAV”, and “Numbers of Assets” reported in RC5.1 must reflect the investable entity’s complete standing investments portfolio. This does not include cash investments, land or new construction and major renovation projects. Participants can still select “Yes” if these elements are excluded from the reporting scope represented in RC5.1

Evidence:

Document upload is mandatory for this indicator. The evidence should sufficiently support each of the values reported in RC5.1, except the last column "% Indirectly Managed Asset".

Evidence examples can include, but are not limited to:

• Extracts or assets overviews used in entity reporting to investors;
• Internal or external presentations confirming portfolio characteristics;
• Audit statements confirming the stated reporting boundaries

Multiple documents can be uploaded.

The evidence must refer to the reporting entity and relate to the reporting period identified in EC3.

Open text box:

The content of this open text box is not used for scoring, but will be included in the Benchmark Report. Participate may use this open text box to communicate any relevant information necessary to understand how values from the uploaded supporting evidence reconcile to values reported in RC5.1 (except values from column “% Indirectly Managed Asset”). It is required to specify and clarify any inconsistencies with the reporting boundary requirements of GRESB as well as potential differences between uploaded documents and values reported to RC5.1.

Note on data confidentiality

GRESB is concerned with aggregated data that confirms the reporting boundaries provided in RC5.1. Sensitive data may be redacted. GRESB is committed to data security and to protecting and respecting data privacy, in accordance with the Portal Terms and Conditions.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.1, Organisational Boundaries; 5.2, Coverage; 5.7, Analysis-Segmental Analysis

Intent

Describe the location of the entity’s assets by country. GRESB uses the information to create country and regional peer groups.

Requirements

Select the countries in which the entity’s investments are located, using the fraction of total GAV or net operating income (NOI). Use the drop down menu.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.7, Analysis-Segmental-Analysis

Intent

Describe the entity’s new construction portfolio. This information determines the structure of important elements of the Assessment.

Terminology

Data Centers: Property used for the purpose of data storage, processing and/or distribution. Examples may include, but are not limited to: telecommunications centers and data storage centers.

Hotel: Includes hotels, motels, youth hostels, lodging, and resorts.

Healthcare: Buildings used for the purpose of primary healthcare. Examples may include, but are not limited to: hospitals, clinics, physical therapy centers and mental health centers.

Industrial, Distribution warehouses: Industrial buildings used for the purpose of storing, processing and distribution of goods to wholesalers, retailers and/or consumers.

Industrial, Manufacturing: Industrial buildings used for the purpose of manufacturing. Otherwise known as a factory or manufacturing plant.

Industrial, Business parks: An industrial business park is an area zoned for the purpose of industrial development, where (light-weight) industrial buildings are grouped together with offices. Examples may include, but are not limited to: industrial estate, trading estate and enterprise zone.

Lodging, Leisure & Recreation: Indoor center used for the purpose of leisure and recreation. Examples may include, but are not limited to: exercise facilities, indoor sports courts, fitness studios, movie theaters, swimming centers and saunas/steam rooms.

Medical office: Examples may include, but are not limited to: offices specifically used for the purpose of medical administration, secondary research or other purposes, exclusive of the property types specified for Healthcare.

New Construction: Includes all activities to obtain or change building or land use permissions and financing. Includes construction work for the project with the intention of enhancing the property’s value. Development of new buildings and additions to existing buildings that affect usable space can be treated as new constructions. New construction projects refer to buildings that were under construction at any time during the reporting year.

Office: Includes free-standing offices, office terraces, unattributed office buildings and office parks.

Operational control: The ability to introduce and implement operating and/or environmental policies and measures.

Other: State the other property type. Possible other answers may include, but are not limited to: kindergarten, community halls. Only use this option if your investments do not fit into any of the options given.

Parking (indoors): Enclosed, indoor vehicle parking facilities, usually consisting of numerous levels for which vehicles are intended to be parked. Otherwise known as multi-story car park, parking building, parking garage, stacked car parking and indoor parking.

Retail, High street: Retail buildings located on the high street in a particular area, usually terraced buildings located in the city centre or other high-traffic pedestrian zones.

Retail, Shopping centers: Enclosed centers for retail purposes. Examples may include, but are not limited to: regional malls and shopping malls.

Retail, Warehouse: Refers to buildings in an un-enclosed retail space, otherwise known as a strip center or strip mall, whereby buildings are usually stand-alone and situated side-by-side with their entrance facing a main street or carpark.

Residential, Multi-family: Refers to multiple residential dwelling spaces contained within one building, otherwise known as a multi-dwelling unit. This includes low-, mid- and high-rise apartment blocks.

Residential, Family homes: Includes both single-family homes and multi-dwelling units not including apartment blocks. A single-family home is a separate, free-standing residential building. A multi-dwelling family home includes those such as two-flats, duplex, semi-detached, and townhouses. Synonyms include: Single-family home, single-detached dwelling, detached house, single-family residence, separate house, free-standing house, townhouse, duplex, condo, semidetached, villa.

Residential, Student housing: Residential buildings used for the purpose of housing students, otherwise known as student apartments, student houses, student residence, student quarters, and student accommodation.

Self-storage: Indoor building or warehouse used for the purpose of self-storage for individuals and/or organizations, otherwise known as self-service storage.

Senior homes: Residential buildings used for the purpose of housing seniors, otherwise known as senior assisted living homes, retirement homes/apartments, retirement villages, old-age homes.

GRESB aims to benchmark participants against other similar property types. If that is not possible, we will group property types defined in “Other” based on their property type characteristics.

Requirements

You must include the whole floor area for all new construction projects, regardless of restrictions on management control resulting from (a) the landlord and tenant relationship or (b) the ownership structure of the entity.

Land (open or containing dormant buildings) is an unoccupied property type which does not meet the operational profile of other property types. Land should therefore be excluded from the reporting scope.

Floor area type: Select the type of floor area used across the portfolio. The floor area type selected will not influence the analysis, as long as it remains consistent throughout the entire Assessment. It is recommended to report on floor areas using the International Property Measurement Standard (IPMS). IPMS aims to establish a globally consistent methodology for property measurement.

GAV: Provide the GAV either according to market value/fair value or based on construction costs.

Note: GAV should be reported in millions.

Intent

Provide additional context on the entity’s reporting boundaries.

Requirements

The floor area reported in RC-NC1.1 must reflect the total size of the investable entity’s new construction projects. It is required to specify and clarify any inconsistencies with the reporting boundary requirements of GRESB in this open text box.

Open text box: The content of this open text box is not used for scoring, but will be included in the Benchmark Report. Participants should use this open text box to communicate on additional information about the reporting boundary

Intent

Describe the entity’s portfolio of major renovation projects. This information determines the structure of important elements of the Assessment.

Terminology

Data Centers: Property used for the purpose of data storage, processing and/or distribution. Examples may include, but are not limited to: telecommunications centers and data storage centers.

Hotel: Includes hotels, motels, youth hostels, lodging, and resorts.

Healthcare: Buildings used for the purpose of primary healthcare. Examples may include, but are not limited to: hospitals, clinics, physical therapy centers and mental health centers.

Industrial, Distribution warehouses: Industrial buildings used for the purpose of storing, processing and distribution of goods to wholesalers, retailers and/or consumers.

Industrial, Manufacturing: Industrial buildings used for the purpose of manufacturing. Otherwise known as a factory or manufacturing plant.

Industrial, Business parks: An industrial business park is an area zoned for the purpose of industrial development, where (light-weight) industrial buildings are grouped together with offices. Examples may include, but are not limited to: industrial estate, trading estate and enterprise zone.

Land: Land is an un-occupied property type which does not meet the operational profile of other property types. It can be either open land or land containing dormant buildings not in operational use. If the portfolio includes Land as property type, report on it in RC-NC1 and in the New Construction & Major Renovations Aspect.

Lodging, Leisure & Recreation: Indoor center used for the purpose of leisure and recreation. Examples may include, but are not limited to: exercise facilities, indoor sports courts, fitness studios, movie theaters, swimming centers and saunas/steam rooms.

Major Renovations: Alterations that affect more than 50 percent of the total building floor area or cause relocation of more than 50 percent of regular building occupants. Major renovation projects refer to buildings that were under construction at any time during the reporting year.

Medical office: Examples may include, but are not limited to: offices specifically used for the purpose of medical administration, secondary research or other purposes, exclusive of the property types specified for Healthcare.

Office: Includes free-standing offices, office terraces, unattributed office buildings and office parks.

Operational control: The ability to introduce and implement operating and/or environmental policies and measures.

Other: State the other property type. Possible other answers may include, but are not limited to: kindergarten, community halls. Only use this option if your investments do not fit into any of the options given.

Parking (indoors): Enclosed, indoor vehicle parking facilities, usually consisting of numerous levels for which vehicles are intended to be parked. Otherwise known as multi-story car park, parking building, parking garage, stacked car parking and indoor parking.

Retail, High street: Retail buildings located on the high street in a particular area, usually terraced buildings located in the city centre or other high-traffic pedestrian zones.

Retail, Shopping centers: Enclosed centers for retail purposes. Examples may include, but are not limited to: regional malls and shopping malls.

Retail, Warehouse: Refers to buildings in an un-enclosed retail space, otherwise known as a strip center or strip mall, whereby buildings are usually stand-alone and situated side-by-side with their entrance facing a main street or carpark.

Residential, Multi-family: Refers to multiple residential dwelling spaces contained within one building, otherwise known as a multi-dwelling unit. This includes low-, mid- and high-rise apartment blocks.

Residential, Family homes: Includes both single-family homes and multi-dwelling units not including apartment blocks. A single-family home is a separate, free-standing residential building. A multi-dwelling family home includes those such as two-flats, duplex, semi-detached, and townhouses. Synonyms include: Single-family home, single-detached dwelling, detached house, single-family residence, separate house, free-standing house, townhouse, duplex, condo, semidetached, villa.

Residential, Student housing: Residential buildings used for the purpose of housing students, otherwise known as student apartments, student houses, student residence, student quarters, and student accommodation.

Self-storage: Indoor building or warehouse used for the purpose of self-storage for individuals and/or organizations, otherwise known as self-service storage.

Senior homes: Residential buildings used for the purpose of housing seniors, otherwise known as senior assisted living homes, retirement homes/apartments, retirement villages, old-age homes.

GRESB aims to benchmark participants against other similar property types. If that is not possible, we will group property types defined in “Other” based on their property type characteristics.

Requirements

You must include the whole floor area for all major renovation projects, regardless of restrictions on management control resulting from (a) the landlord and tenant relationship or (b) the ownership structure of the entity.

Floor area type: Select the type of floor area used across the portfolio. The floor area type selected will not influence the analysis, as long as it remains consistent throughout the entire Assessment. It is recommended to report on floor areas using the International Property Measurement Standard (IPMS). IPMS aims to establish a globally consistent methodology for property measurement.

GAV: Provide the GAV either according to market value/fair value or based on construction costs.

Note: GAV should be reported in millions.

Intent

Provide additional context on the entity’s reporting boundaries.

Requirements

The floor area reported in RC-NC2.1 must reflect the total size of the investable entity’s major renovation projects. It is required to specify and clarify any inconsistencies with the reporting boundary requirements of GRESB in this open text box.

Open text box: The content of this open text box is not used for scoring, but will be included in the Benchmark Report. Participants should use this open text box to communicate on additional information about the reporting boundary

Intent

Describe the location of the entity’s new construction and/or major renovation projects by country. GRESB scoring uses the information to create country and regional peer groups.

Requirements

Select the countries in which the entity’s investments are located, using the fraction of total GAV or net operating income (NOI). Use the drop down menu.

Indicator aligned with PRI Reporting Framework 2018, Direct Property, PR 01: Responsible Property Investment (RPI) policy

Intent

Clear Environmental, Social and Governance (ESG) objectives help participants identify material issues and integrate them into overall day-to-day management practices. Integrating ESG practices into the overall business strategy fosters alignment between management of sustainability issues and the overall strategy of the organization. It also demonstrates commitment to monitoring ESG objectives and to meeting targets.

Terminology

Environmental objectives: Overall environmental goal, arising from the environmental policy, that an entity sets itself to achieve. The objectives should be quantifiable and correlated with the entity’s ambitions. In turn, they determine targets, which are detailed performance requirements necessary to achieve the environmental objectives.

ESG objectives: Strategic priorities and key topics for the management and/or improvement of ESG issues.

Fully integrated: Complete alignment between the management of ESG issues and the overall strategy of the entity. A fully integrated strategy incorporates ESG to manage risk and create competitive advantages beyond utility cost savings.

General sustainability objectives: Cross-cutting objectives to improve overall ESG performance, such as relative position on sustainability indices or rankings.

Governance objectives: Objectives to improve entity governance. These can relate to governance structures and composition of the entity and how this relates to economic, environmental and social dimensions, or the entity’s approach to corporate governance issues such as transparency, board composition, or bribery and corruption.

Health and well-being: “Health is a complete state of physical, mental and social well-being, not merely the absence of disease or infirmity”(WHO). Health & well-being is impacted by genetics and individual behavior as well as environmental conditions. Particularly relevant to GRESB stakeholders are the social determinants of health, which are the “conditions in which people are born, grow, work, live and age, and the wider set of forces and systems shaping the conditions of daily life.” These are the conditions that enable or discourage healthy living. This could include issues such as physical activity, healthy eating, equitable workplaces, maternity and paternity leave, access to healthcare, reduction in toxic exposures, etc.

Not integrated: ESG objectives were set independently from the overall strategy of the entity.

Overall business strategy: The entity’s long-term strategy for meeting its objectives.

Partially integrated: Refers to any level of alignment less than 'fully integrated'.

Social objectives: Objectives to improve absolute or relative on social issues, such as stakeholder engagement or health and well-being.

Requirements

Select yes or no. If yes, select all applicable sub-options.

Evidence: Document upload or hyperlink. The evidence must sufficiently support all the items selected for this question. If a hyperlink is provided, ensure that it is not outdated and the relevant page can be accessed within two steps.

The provided evidence should meet the following criteria:

1. The objective(s) should be specific, and the evidence supports each of the selected objectives.
2. Objectives should relate to the entity level. If this is not clear in the provided evidence, ensure to explain how the organizational level objectives relate to the entity in the text field provided for the location of the relevant information.
3. Evidence should clearly indicate the public availability of the objectives (If applicable).

Open text box: The content of this open text box is not used for scoring, but will be included in the Benchmark Report. Participants should use this open text box to communicate on

1. The scope of the objectives. The text should identify key sustainability priorities and issues relevant to the entity. If applicable, explain how these objectives relate to specific elements of the entity’s overall business strategy. Sustainability and/or ESG objectives can relate to quantifiable goals or to strategic developments;
2. Time bounds around the objectives. The text should include a description indicating whether the objectives are short-term (one to two years), medium-term (two to three years) or long-term (more than three years);
3. Explanation around the extent of integration of ESG objectives with business strategy and next steps to foster further alignment.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded based on each of the selected components, the objectives' level of integration into the overall business as well as their public availability.

Open text box: The open text box is not scored and is for reporting purposes only.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.7, Analysis

SASB (March 2016)-Real Estate Owners, Developers & Investment Trusts: IF0402-05

Indicator aligned with PRI Reporting Framework 2018, Strategy & Governance module, SG 07 and SG 08

Intent

The intent of this indicator is to identify resources allocated to sustainability management. Having personnel dedicated to sustainability issues increases the likelihood that the entity’s sustainability objectives will be properly managed and targets will be met.

Terminology

Dedicated employee(s) for whom sustainability is the core responsibility: The employee(s)’ main responsibility is defining, implementing and monitoring the sustainability objectives at organization and/or entity level.

Employee(s) for whom sustainability is among their responsibilities: The implementation and monitoring of sustainability is part of the employee’s role, but is not necessarily their main responsibility.

ESG objectives: Strategic priorities and key topics for the management and/or improvement of ESG issues.

Investment partners (co-investor/JV partners): A General Partner that co-owns and operates (part of) the entity’s assets and is responsible for implementing ESG objectives at a property level.

Persons responsible: A person or group of people who work on the implementation and completion of the task, project or strategy.

Requirements

Select yes or no. If yes, select all applicable sub-options.

If you select External Consultants, also state the name of the organization.

Details of employee: Participants must provide an e-mail address together with the name and job title of the relevant employee. This information will remain confidential and will only be used for data validation purposes.

Name of the organization: Provide the full name of the organization. You may be asked for additional information about the organization(s). It is possible to report on multiple organizations.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded to each selected responsible party and are then aggregated to calculate the indicator’s final score. It is not necessary to select all answer options in order to obtain the maximum score for this indicator.

Reporting more than one external consultants will not impact scoring; reported answer options in these fields are validated individually, but scores will not be aggregated.

The LinkedIn profiles of the persons responsible for implementing the sustainability objectives are optional fields and do not impact scoring.

References

GRI Sustainability Reporting Standards (2016): 102-20

Recommendations of the Task Force on Climate-Related Financial Disclosures June 2017: Governance A&B

Indicator aligned with PRI Reporting Framework 2018, Strategy & Governance module, SG 07 and SG 08

Intent

The intent of this indicator is to explore the existence of an internal taskforce focused on sustainability components. The existence of a taskforce focused on sustainability issues demonstrates a structured approach towards integrating sustainability practices across the organization.

Terminology

Asset manager: A person or group of people responsible for developing and overseeing financial and strategic developments of real estate investments at asset level.

Board of Directors: A body of elected or appointed members who jointly oversee the activities of a company or organization as detailed in the corporate charter. Boards normally comprise both executive and non-executive directors.

Fund/portfolio manager: A person or a group who manages a portfolio of real estate investments, and the deployment of investor capital, by creating and implementing asset level strategies, across the entire portfolio.

Property manager: An individual or organization in charge of overseeing day-to-day property operations.

Senior Management Team: A team of individuals who have the day-to-day responsibility of managing the entity/organization. Senior management are sometimes referred to, within corporations, as executive management, executive leadership team, top management, upper management, higher management, or simply seniors.

Sustainability taskforce/committee: A group of individuals who meet, at least four times per year, to discuss and monitor the implementation of the organization’s sustainability objectives.

Requirements

Select yes or no. If yes, select all applicable sub-options.

If you select External Consultants, also state the name of the organization.

Name of the organization: Provide the full name of the organization. You may be asked for additional information about the organization(s). It is possible to report on multiple organizations.

Other: State the other type of member included in the taskforce. Other answers can include individuals (e.g. ESG Manager, IR Manager, HR representative) or groups of individuals (e.g. Product innovation team). It is possible to report on multiple other answers.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded to each selected checkbox option and are then aggregated to calculate the indicator’s final score.

Reporting multiple other answers will not impact scoring; reported answer options in this field are validated individually, but scores will not be aggregated.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

References

GRI Sustainability Reporting Standards (2016): 103-32

RobecoSAM Corporate Sustainability Assessment 2017: 3.1.5, Responsibilities & Committees

Recommendations of the Task Force on Climate-Related Financial Disclosures June 2017: Governance A&B

Intent

The presence of senior management dedicated to sustainability increases the likelihood that sustainability objectives will be met. A structured process to keep the most senior decision-maker informed on the entity’s sustainability performance increases accountability and encourages continuous improvement of sustainability performance.

Terminology

Board of Directors: A body of elected or appointed members who jointly oversee the activities of a company or organization as detailed in the corporate charter. Boards normally comprise both executive and non-executive directors.

Fund/portfolio manager: A person or a group who manages a portfolio of real estate investments, and the deployment of investor capital, by creating and implementing asset level strategies, across the entire portfolio.

Investment committee: A group of selected people who establish a formal process to manage the plan’s investment strategy.

Senior decision-maker accountable for sustainability: A senior individual with sign off (approval) authority for approving strategic sustainability objectives and steps undertaken to achieve these objectives. The accountable person can delegate the work to other responsible people who will work on the implementation and completion of the task, project or strategy.

Person accountable: A person with sign off (approval) authority over the deliverable task, project or strategy. The accountable person can delegate the work to other responsible people who will work on the implementation and completion of the task, project or strategy.

Senior Management Team: A team of individuals who have the day-to-day responsibility of managing the entity/organization. Senior management are sometimes referred to, within corporations, as executive management, executive leadership team, top management, upper management, higher management, or simply seniors.

Sustainability strategy: Strategy which (1) sets out the participant’s procedures and (2) sets the direction and guidance for an organization’s implementation of sustainability measures.

Requirements

Select yes or no. If yes, select one sub-option and optionally, complete the open text box.

Senior decision-maker: The organization’s most senior decision-maker on sustainability is expected to be actively involved in the process of defining the sustainability objectives and should approve associated strategic decisions regarding sustainability. This person can be the same as the individual identified in MA2.

Other: State the other senior decision-maker on sustainability issues.The answer should only refer to the department or governance structure of which the senior decision maker is part of. Include just one other answer.

Details of employee: Participants must provide an e-mail address together with the name and job title of the relevant employee. This information will remain confidential and will only be used for data validation purposes.

Open text box: The content of this open text box is not used for scoring, but will be included in the Benchmark Report. Participants should use this open text box to communicate on

1. Means of communication. Examples can include, but are not limited to: written memos, formal reports, presentations or meeting minutes;
2. Frequency of reporting. Examples can include, but are not limited to: monthly, quarterly or annually;
3. Contents of reporting. Examples can include, but are not limited to: (i) an overview of asset performance (quantitative), (ii) realized sustainability performance against objectives, (iii) updates regarding long-term strategic objectives, (iv) updates/notifications regarding regulatory changes or (v) updates regarding proposed actions to improve the performance of the assets.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded based on the selected decision-maker. It is not possible to select more than one answer option.

Open text box: The open text box is not scored and is for reporting purposes only.

References

CDP, CC1.1

GRI Sustainability Reporting Standards (2016): 103-32

RobecoSAM Corporate Sustainability Assessment 2017: 3.1.5, Responsibilities & Committees

Recommendations of the Task Force on Climate-Related Financial Disclosures June 2017: Governance A&B

Indicator aligned with PRI Reporting Framework 2018, Strategy & Governance module, SG 08

Intent

This indicator intends to identify whether, and how, ESG issues are addressed in employee performance targets. It also identifies how the sustainability-related objectives outlined in MA1 are reflected within the organizational structure. Including sustainability factors in annual performance targets for employees can increase the organization’s capacity to improve sustainability performance.

Terminology

Annual performance targets: Targets set in annual performance reviews, which are assessments of employee performance.

Board of Directors: A body of elected or appointed members who jointly oversee the activities of a company or organization as detailed in the corporate charter. Boards normally comprise both executive and non-executive directors.

ESG Factors: Criteria associated with the entity’s ESG objectives identified in LE2.

Financial consequences: Predetermined monetary benefits incorporated into the employee compensation structures. The financial consequences are contingent upon the achievement of the annual performance targets.

Non-financial consequences: Non-financial benefits (or detriments), such as verbal or written recognition, non-financial rewards or opportunities. The non-financial consequences are contingent upon the achievement of the annual performance targets.

Senior Management Team: A team of individuals who have the day-to-day responsibility of managing the entity/organization. Senior management are sometimes referred to, within corporations, as executive management, executive leadership team, top management, upper management, higher management, or simply seniors.

Requirements

Select yes or no. If yes, select all applicable sub-options.

This indicator considers only employee performance reviews. Accordingly, if the entity employs a contractor, any review of their performance should not be included in the answer to this indicator.

Other: State the other employee type. Other answers should relate to groups of employees, such as asset managers, property managers, or acquisition teams.

Evidence: Document upload or document name and date. The evidence should sufficiently support all the items selected for this question. In the absence of an upload, providing the document name AND date of publication is mandatory, and you may be asked to disclose the document to GRESB as part of the validation process.

The provided evidence should cover the following elements:

1. Existence of employee targets that cover ESG related issues related to the objectives identified in MA1.
2. If applicable, mechanisms in place that ensure these targets are met (i.e., consequences - positive or negative).

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded to each selected group of employees, and whether or not targets have consequences. Points are then aggregated to calculate the indicator’s final score.

Reporting multiple other answers will not impact scoring; reported answer options in this field will be validated individually, but scores will not be aggregated.

The reported answer options are validated based on the provided evidence, and points are contingent upon validity of the supporting evidence.

References

RobecoSAM Corporate Sustainability Assessment 2017: 3.1.7, Executive Compensation-Success Metrics and Vesting

Indicator aligned with PRI Reporting Framework 2018, Direct Property, PR 01: Responsible Property Investment (RPI) policy

Intent

The intent of this indicator is to describe the existence and scope of policies that address environmental issues. Policies on environmental issues assist organizations with incorporating sustainability criteria into their business practices.

Terminology

Biodiversity and habitat: Issues related to wildlife, endangered species, ecosystem services, habitat management, and relevant topics. Biodiversity refers to the variety of all plant and animal species. Habitat refers to the natural environment in which these plant and animal species live and function.

Building safety: Environmental issues with the potential to create or exacerbate risks to human safety, such as structural failure.

Climate change adaptation: Preparation for long-term change in climatic conditions or climate related events. Example of climate change adaptation measures can include, but are not limited to: building flood defenses, xeriscaping and using tree species resistant to storms and fires, adapting building codes to extreme weather events.

Energy consumption/management: Fuel consumption or management of energy from renewable and non-renewable sources.

Environmental attributes of building materials: Life-cycle environmental characteristics of the building materials, such as embodied carbon or water

GHG emissions: GHGs refers to the seven gases listed in the GHG Protocol Corporate Standard: carbon dioxide (CO2); methane (CH4); nitrous oxide (N2O); hydrofluorocarbons (HFCs); perfluorocarbons (PFCs); nitrogen trifluoride (NF3) and sulphur hexafluoride (SF6).

Policy: Defines a commitment, direction or intention as formally adopted by the entity.

Resilience: Preparedness of the built environment towards existing and future climate changes (i.e., the ability to absorb disturbances such as increased precipitation or flooding while maintaining its structure). This can be achieved by management policies, informational technologies, educating tenant, community, suppliers and physical measures at the asset level.

Waste management: Issues associated with hazardous and non-hazardous waste generation, reuse, recycling, composting, recovery, incineration, landfill and on-site storage.

Water consumption/management: Planning, developing, distributing and managing the optimum use of water resources.

Requirements

Select yes or no. If yes, select all applicable sub-options.

Evidence: Document upload is mandatory for this indicator. The evidence should sufficiently support all the items selected for this question.

Other: State the other environmental issue.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded to each selected checkbox option and are then aggregated to calculate the indicator’s final score.

Reporting multiple other answers will not impact scoring; reported answer options in this field are validated individually, but scores will not be aggregated.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

The reported answer options are validated based on the provided evidence, and points are contingent upon validity of the supporting evidence.

References

The United Nations Framework Convention on Climate Change, 1994 Global Reporting Initiative

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 7.9, Narrative on performance

GRI Sustainability Reporting Standards (2016): GRI, 301, 302, 303, 304, 305, 306, 307; GRI, 416

Indicator aligned with PRI Reporting Framework 2018, Direct Property, PR 01: Responsible Property Investment (RPI) policy

Intent

The intent of this indicator is to describe the existence and scope of policies that address social issues. Policies on social issues assist organizations with incorporating sustainability criteria into their business practices.

Terminology

Asset level safety (for tenants): Protecting tenants and building visitors from structural characteristics that can cause danger, risk, or injury.

Child labor: Work that children should not be doing because they are too young, or, if they have reached the minimum age, because it is dangerous or otherwise unsuitable for them.

Diversity: Similarities and differences among employees in terms of age, cultural background, physical abilities and disabilities, race, religion, sex, and sexual orientation.

Equal opportunity: The right to be treated without discrimination, including, but not limited to, on the grounds of one‘s sex, race, or age.

Health and well-being: “Health is a complete state of physical, mental and social well-being, not merely the absence of disease or infirmity”(WHO). Health & well-being is impacted by genetics and individual behavior as well as environmental conditions. Particularly relevant to GRESB stakeholders are the social determinants of health, which are the “conditions in which people are born, grow, work, live and age, and the wider set of forces and systems shaping the conditions of daily life.” These are the conditions that enable or discourage healthy living. This could include issues such as physical activity, healthy eating, equitable workplaces, maternity and paternity leave, access to healthcare, reduction in toxic exposures, etc.

Employee health & well-being: The health & well-being of employees responsible for the entity.

Tenant/customer and community health & well-being: The health & well-being of tenants and customers of the entity as well as the community surrounding the entity’s individual real estate assets.

Forced or compulsory labor: All work or service which is expected from any person under the menace of any penalty and for which the said person has not offered himself voluntarily.

Labor-management relationships: Set of principles and procedures governing the relationship between management and the labor force.

Occupational safety (for employees): Occupational safety focuses on the primary prevention of hazards within the workplace. This includes the reduction of risk factors at the workplace leading to cancers, accidents, musculoskeletal diseases, respiratory diseases, hearing loss, circulatory diseases, stress related disorders and communicable diseases and others.

Performance and career development: Training, mentoring, reviews, and other processes intended to understand employee performance and guide career development.

Policy: Defines a commitment, direction or intention as formally adopted by the entity.

Stakeholder engagement: Engagement with individuals/entities that have an interest in the entity.

Worker rights: Fundamental principles and rights at work, covering issues such as freedom of association, right to collective bargaining, the elimination of forced or compulsory labor, the abolition of child labor and the elimination of discrimination with respect to employment and occupation.

Requirements

Select yes or no. If yes, select all applicable sub-options.

Evidence: Document upload or document name and date. The evidence should sufficiently support all the items selected for this question. In the absence of an upload, providing the document name AND date of publication is mandatory, and you may be asked to disclose the document to GRESB as part of the validation process.

Other: State the other social issue.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded to each selected checkbox option and are then aggregated to calculate the indicator’s final score.

Reporting multiple other answers will not impact scoring; reported answer options in this field are validated individually, but scores will not be aggregated.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

The reported answer options are validated based on the provided evidence, and points are contingent upon validity of the supporting evidence.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 7.9, Narrative on performance

GRI Sustainability Reporting Standards (2016): GRI, 301, 302, 303, 304, 305, 306, 307; GRI, 416

ILO Declaration on Fundamental Principles and Rights at Work

World Health Organization

Indicator aligned with PRI Reporting Framework 2018, Direct Property, PR 01: Responsible Property Investment (RPI) policy

Intent

This indicator examines the scope and existence of a governance policy. Policies on governance assist organizations with incorporating the management of governance issues into their business practices. This indicator asks whether a participant has a policy in place. RO1 and RO2 (Risks and Opportunities) ask the participant to explain how that policy is implemented.

Terminology

Bribery: The offering, giving, receiving or soliciting an item of value to influence the actions of an official or other person in charge of a public or legal fiduciary duty.

Corruption: Abuse of entrusted power for private gain.

Data protection and privacy: Customer privacy includes matters such as the protection of data; the use of information or data for their original intended purpose only, unless specifically agreed otherwise; the obligation to observe confidentiality; and the protection of information or data from misuse or theft.

Executive compensation: The financial payments and non-monetary benefits provided to high-level management in exchange for their work on behalf of an entity.

Fiduciary duty: Refers to the obligations of loyalty and care in regard to the responsibility of managing someone else’s assets. A fiduciary duty is a position of trust and examples include a duty of confidentiality, a duty of no conflict, and a duty not to profit from his position.

Fraud: Wrongful deception intended to result in financial or personal gain.

Governance issues: Governance structure and composition of the entity. This includes how the highest governance body is established and structured in support of the entity’s purpose, and how this purpose relates to economic, environmental and social dimensions.

Policy: Defines a commitment, direction or intention as formally adopted by the entity.

Remuneration: Basic salary plus additional amounts such as those based on years of service, bonuses including cash and equity such as stocks and shares, benefit payments, overtime, time owed, and any additional allowances (such as transportation, living and childcare allowances).

Whistle-blower mechanism: A process that offers protection for individuals that want to reveal illegal, unethical or dangerous practices. An efficient whistle-blower mechanism prescribes clear procedures and channels to facilitate the reporting of wrongdoing and corruption, defines the protected disclosures, outlines the remedies and sanctions for retaliation.

Requirements

Select yes or no. If yes, select all applicable sub-options.

Evidence: Document upload or document name and date. The evidence should sufficiently support all the items selected for this question. In the absence of an upload, providing the document name AND date of publication is mandatory, and you may be asked to disclose the document to GRESB as part of the validation process.

Acceptable evidence may include a formal policy that is in place such as a company Policy document, official documents, or other resources describing the entity's governance policies. Reference can be provided, such as bullets or passages within a policy, to describe each selected issue.

Other: State the other governance issue.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded to each selected checkbox option and are then aggregated to calculate the indicator’s final score.

Reporting multiple other answers will not impact scoring; reported answer options in this field are validated individually, but scores will not be aggregated.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

The reported answer options are validated based on the provided evidence, and points are contingent upon validity of the supporting evidence.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 2017: 7.9, Narrative on performance

GRI Sustainability Reporting Standards (2016): 102-35; 102-37; GRI 205

RobecoSAM Corporate Sustainability Assessment 2017: 3.1.7

Intent

This indicator identifies the metrics used by the organization to monitor diversity at governance and workforce level. Diversity on boards has become a clear priority for investors and is considered to positively impact investment decisions and increases organizational competitiveness.

Terminology

Age group distribution: Percentage of a population, at each age.

Board tenure: Refers to the period or term of an entity’s board of directors.

Socioeconomic background: Combined measure of sociological and economic background of a person.

Gender ratio: Proportion of one gender to another in a given population.

Gender pay gap: Percentage difference of average hourly earnings between men and women.

Governance body: Committee or board responsible for the strategic guidance of the entity, the effective monitoring of management, and the accountability of management to the broader organization and its stakeholders. Examples of governance bodies may include Board of Directors and Non-Executive Directors.

Requirements

Select yes or no. If yes, select all applicable sub-options.

Open text box: The content of this open text box is not used for scoring, but will be included in the Benchmark Report. Participate should use this open text box to communicate on the following:

• Supporting narrative to add context to the information provided;
• Challenges the organization faces in addressing diversity gaps;
• Policies and targets to strengthen diversity in the long-term;
• Any other relevant information monitoring processes and calculation methods.

Scoring

This indicator is not scored and is used for reporting purposes only.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.1, Diversity-Employee gender diversity

GRI Sustainability Reporting Standards (2016): 102-22

RobecoSAM Corporate Sustainability Assessment 2017: 3.1.3, Diversity Policy

Indicator aligned with PRI Reporting Framework 2018, Direct Property, PR 10

Intent

The intent of this indicator is to assess the level(s) of sustainability disclosure undertaken by the entity. Disclosure of sustainability performance demonstrates an entity’s transparency in explaining how sustainability policies and management practices are implemented by the entity, and how these practices impact the business.

Terminology

Alignment: To agree and match with a recognized sustainability standard (either voluntary or mandatory).

Annual report: A yearly record of an entity’s financial performance that is distributed to investors under applicable financial reporting regulations.

Dedicated section on corporate website: A section of the entity’s website that explicitly addresses ESG performance.

Disclosure: The act of making information or data readily accessible and available to all interested individuals and institutions. Disclosure must be external and cannot be an internal and/or ad hoc communication within the participating entity.

Entity reporting to investors: A report prepared by the participant for the purpose of informing investors on the ESGperformance of the entity. A summary outlining an entity’s overall approach to ESG that does not contain any analysis of performance (as defined below) is insufficient.

ESG actions: Specific activities performed to improve management of environmental, social and governance issues within the entity.

ESG performance: Reporting of material indicators that reflect implementation of environmental, social, or governance (ESG) management.

Integrated Report: A report that is aligned with the requirements of the International Integrated Reporting Council (IIRC) Integrated Reporting Framework (December 2013).

Reporting Level:

1. Entity: related specifically to the named entity, where entity is defined as the investable portfolio for which you are submitting an Assessment response.
2. Investment Manager: related to the investment management organization or company of which the participating entity forms a part.
3. Group: related to the group of companies of which the participating entity forms a part.

Standalone sustainability report: A report dedicated to the entity’s sustainability or ESG performance.

Requirements

Select yes or no. If yes, select all applicable sub-options.

In all cases:

1. Select the applicable reporting level. If the organization reports at multiple levels, you should select the most detailed reporting level;
2. If applicable, select alignment from the dropdown lists to confirm that your method of reporting is aligned with an external standard or guideline. The list is based on leading international best practice guides for sustainability reporting. If reporting is aligned with more than one standard, select the standard with which there is most alignment;
3. Provide document upload or URL. A piece of supporting evidence document or URL cannot be uploaded for more than one disclosure method selected.
4. (If applicable) Evidence provided in PD5.1 will also be used to validate PD5.2 and it should include confirmation of the existence and type of third-party review indicated in PD5.2.

Evidence: Document upload or hyperlink. The evidence must sufficiently support all the items selected for this question. If a hyperlink is provided, ensure that it is not outdated and the relevant page can be accessed within two steps.

• Integrated report: The document upload or URL provided must contain evidence of alignment with the International Integrated Reporting Council (IIRC) Integrated Reporting Framework (December 2013).
• Reporting to investor: A summary outlining an entity’s overall approach to sustainability that does not contain any analysis of performance is insufficient. Entity reporting to investors should include year-on-year comparison of sustainability performances supported by explanatory comments. Performance achievements should be linked to measures formerly implemented by the entity.

Other: State the other method of reporting. Include just one other answer.

Reporting period: Answers must refer to the reporting period identified in EC3. Except for Stand-alone sustainability reports and integrated reports, that Stand-alone sustainability reports can also refer to the year prior to the reporting year, and integrated reports can also refer to two years prior to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity and/or organization level.

Scoring

Points are awarded to each disclosure method based on (1) reporting level, (2) alignment and (3) public availability.

Reporting levels receive the following points: Group, 0.25 points; Investment Manager, 0.5 points; and Entity, 1 point.

Reporting multiple other answers will not impact scoring, and it is not necessary to select all answer options in order to obtain the maximum score for this indicator.

The reported answer options are validated based on the provided evidence, and points are contingent upon validity of the supporting evidence.

References

ANREV Sustainability Reporting Guidelines, 2016

EPRA Best Practice Recommendations in Sustainability Reporting

September 2017 GRI Sustainability Reporting Guidelines, 2016: 202-1; 205-3; 308-2

308-2 IIRC Integrated Reporting Framework, 2013

INREV Sustainability Reporting Guidelines, 2016

Intent

The purpose of this indicator is to assess the entity’s use of third-party, review to ensure the reliability, integrity and accuracy of ESG disclosure.

ESG-related information is essential to the evaluation of investments’ performance. Third-party review on sustainability disclosure help investors confirm the information disclosed.

Terminology

Assured/Verified: The process of checking data, as well as its collection methods and management systems, through a systematic, independent and documented process against predefined criteria or standards. Assurance/Verification services should be in line with a standard and can only be provided by accredited professionals.

Checked: A third-party review that does not comply with the definition of Assurance/Verification.

Requirements

Respond for all methods of reporting selected in PD5.1. For each disclosure:

1. State whether the methods of reporting are checked, verified or assured (select one option; the most detailed level of scrutiny to which the reporting was subject);
2. Select the assurance/verification standard (if applicable) from the dropdown menu (see Accepted assurance schemes in the Appendices); Any "Other" standard selected from the Scheme name dropdown menu will be subject to validation;
3. State the name of the reviewing/verification/assurance organization.

Other: State the other method of reporting. Include just one other answer, which must match the answer provided in PD5.1

Reporting period: Answers must refer to the reporting period identified in EC3. Except Stand-alone sustainability reports and integrated reports, that which Stand-alone sustainability reports can also refer to the year prior to the reporting year, and integrated reports can also refer to two years prior to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity and/or organization level.

Scoring

Points are awarded based on the level of review of the reported disclosure methods.

PD5.2 is linked to PD5.1. The selections of disclosure methods in both questions must match, otherwise the answer in PD5.2 will not be considered valid. Evidence provided in PD5.1 will be used to validate this indicator; therefore, the evidence in PD5.1 should also include confirmation of the existence and type of third-party review.

The reported answer options are validated based on the provided evidence, and points are contingent upon validity of the supporting evidence.

References

GRESB’s accepted assurance and verification standards as well as criteria for accepted standards are aligned with the Carbon Disclosure Project (CDP)

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.4, Third party assurance

RobecoSAM Corporate Sustainability Assessment 2017: 4.1.2, Assurance

Intent

This indicator intends to identify public commitments made by the organization. A public commitment to sustainability through externally recognized initiatives contributes to the organization’s credibility and strengthens investor confidence.

Requirements

Select yes or no. If yes, select all applicable sub-options.

Evidence: Hyperlink is mandatory for this indicator. The evidence should sufficiently support all the items selected for this question. Ensure that the hyperlink is not outdated and the relevant page can be accessed within two steps.

To qualify as valid supporting evidence, the URL must demonstrate the existence of publicly available commitment to ESG leadership relating to each of the issues selected.

Other: State the other public commitment. It is possible to report multiple other answers.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity and/or organization level.

Scoring

This indicator is not scored and is used for reporting purposes only.

Intent

This indicator intends to identify whether the reporting entity has a defined process in place to communicate any ESG-related misconducts to its stakeholders if the entity has incurred any environment, social or governance fines and/or penalties at its investment properties or elsewhere.

Terminology

ESG fines and/or penalties: Sanctions resulting from an illegal act or non-compliant behavior, which directly harms the environment and/or stakeholders of the entity.

Requirements

Select yes or no. If yes, select all applicable sub-options.

Other: State the other stakeholder groups. It is possible to add multiple other answers.

Open text box: The content of this open text box is not used for scoring, but will be included in the Benchmark Report. Participants should use this open text box to communicate on the process the reporting entity intends to follow in order to communicate any ESG-related misconducts to its stakeholders.

Scoring

This indicator is not scored and is used for reporting purposes only.

*The information in PD7.1 and PD7.2 may be used as criteria for the recognition of 2018 Sector Leaders.

Reference

GRI Sustainability Reporting Standards, 2016: 102-17, Mechanisms for advice and concerns about ethics

CDP Reporting Guidelines, Compliance

RobecoSAM Corporate Sustainability Assessment, 2017: 3.3.6, Report on breaches

Intent

This indicator intends to ensure the communication of any environmental fines and/or penalties to the reporting entity’s investor. Recurring misconducts and penalties can increase the risk profile of the portfolio as they impose financial, management and regulatory burdens on the entity.

Terminology

ESG fines and/or penalties: Sanctions resulting from an illegal act or non-compliant behavior, which directly harms the environment and/or stakeholders of the entity.

Requirements

Select yes or no. If yes, select all applicable sub-options.

Open text box: The content of this open text box is not used for scoring, but will be included in the Benchmark Report. Participants should use this open text box to communicate on how the entity has resolved or intends to resolve the above issue(s).

Scoring

This indicator is not scored and is used for reporting purposes only.

*The information in PD7.1 and PD7.2 may be used as criteria for the recognition of 2019 Sector Leaders.

References

GRI Sustainability Reporting Standards, 2016: 205-3; 419-1

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 2017: 5.8, H&S

(refers to PD3 Policy & Disclosure Aspect)

Intent

This indicator examines specific actions taken to limit exposure to governance-related risks. It is linked to PD3 in Policy & Disclosure, and refers to the implementation of the policy that addresses risks from exposure to governance issues (as defined in PD3).

Terminology

Governance risks for employees: Examples can include, but are not limited to: bribery and corruption risks, insider trading, sharing of confidential information.

Investment due diligence process: A systematic process to collect and interpret information about a prospective investment.

Regular follow-ups: Training offered at least once a year to employees, starting from their second year of employment.

Employee training on governance risks: Employee training ensures that employees understand and adhere to the laws, regulations and internal corporate policies that apply to their daily roles is essential to ensuring that compliance regulations are met in the workplace.

Whistle-blower mechanism: A process that offers protection for individuals that want to reveal illegal, unethical or dangerous practices. An efficient whistle-blower mechanism prescribes clear procedures and channels to facilitate the reporting of wrongdoing and corruption, defines the protected disclosures, outlines the remedies and sanctions for retaliation.

Requirements

Select yes or no. If yes, select all applicable sub-options.

Evidence: Document upload or document name and date. The evidence should sufficiently support all the items selected for this question. In the absence of an upload, providing the document name AND date of publication is mandatory, and you may be asked to disclose the document to GRESB as part of the validation process.

The provided evidence should cover the following elements:

1. The existence of selected systems and procedures;
2. Proof of implementation into the organization’s operations.

Examples of supporting evidence may include an excerpt from the organization’s policy manual, example of formal update sent by the organization’s general counsel, due diligence checklists, employee training slides, or a signed letter of verification from a third party.

A sign-off from employee on the Code of Conduct is not considered valid evidence for formal employee training.

Other: State the other system or procedure in place. It is possible to report multiple other answers.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at organization level.

Scoring

Points are awarded to each selected checkbox option and are then aggregated to calculate the indicator’s final score.

Reporting multiple other answers will not impact scoring; reported answer options in this field are validated individually, but scores will not be aggregated.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

The reported answer options are validated based on the provided evidence, and points are contingent upon validity of the supporting evidence.

References

OECD Cleangovbiz, “Whistleblower protection: encouraging reporting”, 2012

Intent

This indicator is intended to describe the variables included the entity’s governance and/or social risk assessments. Risk assessments refer to the identification and quantification of processes, systems and/or scenarios that could potentially cause harm to the entity and its underlying investors. It is important that organizations monitor their exposure to governance-related risks, as these can negatively impact reputation and expose the entity to civil and criminal penalties.

RO2 asks whether certain governance and/or social issues are assessed in a risk assessment by the entity, which is different from social and governance policies (PD2 and PD3).

Terminology

Bribery: The offering, giving, receiving or soliciting an item of value to influence the actions of an official or other person in charge of a public or legal fiduciary duty.

Corruption: Abuse of entrusted power for private gain.

Child labor: Work that children should not be doing because they are too young, or, if they have reached the minimum age, because it is dangerous or otherwise unsuitable for them.

Diversity: Similarities and differences among employees in terms of age, cultural background, physical abilities and disabilities, race, religion, sex, and sexual orientation.

Equal opportunity: The right to be treated without discrimination, including, but not limited to, on the grounds of one‘s sex, race, or age.

Executive compensation: The financial payments and non-monetary benefits provided to high-level management in exchange for their work on behalf of an entity.

Forced or compulsory labor: All work or service which is expected from any person under the menace of any penalty and for which the said person has not offered himself voluntarily.

Labor-management relationships: Set of principles and procedures governing the relationship between management and the labor force.

Risk assessment: Careful examination of the factors that could potentially adversely impact the value or longevity of a real estate asset. The results of the assessment assist in identifying measures that have to be implemented in order to prevent and mitigate the risks.

Shareholder rights: Can include the right to share in the company's profitability, income, and assets; a proxy statement; a degree of control and influence over company management selection; preemptive rights to newly issued shares; and general meeting voting rights.

Worker rights: Fundamental principles and rights at work, covering issues such as freedom of association, right to collective bargaining, the elimination of forced or compulsory labor, the abolition of child labor and the elimination of discrimination with respect to employment and occupation.

Requirements

Select yes or no. If yes, select all applicable sub-options.

Evidence: Document upload or document name and date. The evidence should sufficiently support all the items selected for this question. In the absence of an upload, providing the document name AND date of publication is mandatory, and you may be asked to disclose the document to GRESB as part of the validation process.

The provided evidence should cover the following elements:

1. Risk exposure - Evidence of the methodology used to identify risks. A good example would be a risk register, or matrix ranking the materiality of each risk.
2. Evidence should explain the governance risk assessments as well as the response to mitigate the outcomes of the assessments. Examples of responses to mitigate outcomes can include the development of policies
3. Applicability level - The parties included in the risk assessment. Examples can include, but are not limited to: individual parts of the business or business units, employees, business partners, suppliers, contractors and sub-contractors and other third parties.

Examples of supporting evidence may include an excerpt from the organization’s policy manual, example of formal update sent by the organization’s general counsel, or a signed letter of verification from a third party.

Example of supporting evidence for “child labor”: signed statement describing the assessment of risks of modern slavery and child labor within your own business and across your supply chain (or a sample of suppliers).

Other: State the other governance issue.

It is possible to report multiple other answers.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded to each selected checkbox option and are then aggregated to calculate the indicator’s final score.

Reporting multiple other answers will not impact scoring; reported answer options in this field are validated individually, but scores will not be aggregated.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

The reported answer options are validated based on the provided evidence, and points are contingent upon validity of the supporting evidence.

References

RobecoSAM Corporate Sustainability Assessment 2017: 5.2.3, Human rights-assessment

Indicator aligned with PRI Reporting Framework 2018, Direct Property, PR 04

Intent

The intent of this indicator is to identify if the entity performs asset-level environmental and/or social assessments as a standard part of the due diligence process for new acquisitions.

Risk assessments help to reduce exposure to long-term sustainability risks. Integration of sustainability risk assessments into the acquisition process demonstrate a commitment to ESG management, a focus on mitigating risks that might impact returns, and a forward-looking approach to the development of the portfolio.

Terminology

Building safety and materials: Assessment to identify potential hazards resulting, for example, from vulnerabilities caused by the construction materials used, major structural flaws or the presence of asbestos.

Climate change adaptation: Preparation for long-term change in climatic conditions or climate related events. Example of climate change adaptation measures can include, but are not limited to: building flood defenses, xeriscaping and using tree species resistant to storms and fires, adapting building codes to extreme weather events.

Contamination: Land and groundwater pollution which may require action to reduce risk to people or the environment. As an example, contamination can be assessed through a Phase I or II Environmental Site Assessment.

Due diligence process: The process through which a potential acquirer evaluates a target asset for an acquisition, contributing to well-informed investment decision-making.

Energy efficiency: Refers to products or systems using less energy to provide the same consumer benefit.

Energy supply: Availability of conventional power (generated by the combustion of fuels: coal, natural gas, oil) or renewable energy (e.g. sun, wind, water, organic plant and waste material).

Environmental risks: Impact on living and non-living natural systems, including land, air, water and ecosystems. This includes, but is not limited to biodiversity, transport and product and service-related impacts, as well as environmental compliance and expenditures.

GHG emissions: GHGs refers to the seven gases listed in the GHG Protocol Corporate Standard: carbon dioxide (CO2); methane (CH4); nitrous oxide (N2O); hydrofluorocarbons (HFCs); perfluorocarbons (PFCs); nitrogen trifluoride (NF3) and sulphur hexafluoride (SF6).

Health and well-being: “Health is a complete state of physical, mental and social well-being, not merely the absence of disease or infirmity”(WHO). Health & well-being is impacted by genetics and individual behavior as well as environmental conditions. Particularly relevant to GRESB stakeholders are the social determinants of health, which are the “conditions in which people are born, grow, work, live and age, and the wider set of forces and systems shaping the conditions of daily life.” These are the conditions that enable or discourage healthy living. This could include issues such as physical activity, healthy eating, equitable workplaces, maternity and paternity leave, access to healthcare, reduction in toxic exposures, etc.

A risk assessment on health and well-being might address only one or both of these topics, and could include assessments of risks associated with employees, customers, surrounding communities or all of the above.

Indoor environmental quality: Refers to the conditions inside the building. It includes air quality, access to daylight and views, pleasant acoustic conditions and occupant control over lighting and thermal comfort.

Natural hazards: Naturally occurring hazards, including but not limited to flooding, drought, hail storms, earthquakes and fire (including wildfire).

Regulatory risks: Examples include, but are not limited to: mandatory energy/carbon disclosure schemes, changes in taxes e.g. carbon tax, extreme volatility in energy prices due to regulation, zoning.

Resilience: Preparedness of the built environment towards existing and future climate changes (i.e., the ability to absorb disturbances such as increased precipitation or flooding while maintaining its structure). This can be achieved by management policies, informational technologies, educating tenant, community, suppliers and physical measures at the asset level.

Risk assessment: Careful examination of the factors that could potentially adversely impact the value or longevity of a real estate asset. The results of the assessment assist in identifying measures that have to be implemented in order to prevent and mitigate the risks.

Socio-economic risks: Impact on social well-being, livelihoods and prosperity of local communities and individuals. Examples include: economic/political instability, vulnerability to pandemics and epidemics, crime and vandalism, and the displacement of people.

Transportation risks: Risks associated with transportation around the location of a building in relation to pedestrian, bicycle and mass-transit networks, in context of the existing infrastructure and amenities in the surrounding area.

Water efficiency: Refers to the conservative use of water resources through water-saving technologies to reduce consumption.

Water supply: Provision of surface water, groundwater, rainwater collected directly or stored by the entity, waste water from another organization, municipal water supplies or other water utilities, usually via a system of pumps and pipes.

Waste management: Issues associated with hazardous and non-hazardous waste generation, reuse, recycling, composting, recovery, incineration, landfill and on-site storage.

Requirements

Select yes or no. If yes, select all applicable sub-options.

Evidence: Document upload is mandatory for this indicator. The evidence should sufficiently support all the items selected for this question.

The provided evidence should cover the following elements:

1. Specific environmental and/or social risk assessment issues addressed in the entity’s due diligence process;
2. Proof of standard implementation into the entity’s acquisitions process.

Examples of valid evidence may include: (1) a standard risk assessment template document that was completed by the entity during the acquisitions process, (2) proof of a risk assessment being performed during the reporting period or (3) standard requirements for performing environmental and/or social risk assessments within the entity’s acquisition process protocol.

Other: State the other risk factor assessed.

It is possible to report multiple other answers.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded to each selected checkbox option and are then aggregated to calculate the indicator’s final score.

Reporting multiple other answers will not impact scoring; reported answer options in this field are validated individually, but scores will not be aggregated.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

The reported answer options are validated based on the provided evidence, and points are contingent upon validity of the supporting evidence.

References

World Economic Forum, Global Risks, 2014 Environment Agency, Groundwater protection: Principles and practice, 2013

World Health Organization

SASB-Real Estate Owners, Developers & Investment Trusts (March 2016): IF0402-05; IF0402-09; IF0402-14

RobecoSAM Corporate Sustainability Assessment 2017: 3.2.2 Risk Correlation

Recommendations of the Task Force on Climate-Related Financial Disclosures June 2017: Strategy A&B; Risk Management A&B

Indicator aligned with PRI Reporting Framework 2018, Direct Property, PR 16.1

Intent

The intent of this indicator is to identify if the entity has performed environmental and/or social risk assessments on its standing investments over the last three years. Similar to RO3.1 above, sustainability risk assessments of standing investments demonstrate an ongoing commitment to ESG management, a focus on mitigating risks that may negatively impact returns and a forward-looking approach to the development of the portfolio.

Terminology

Biodiversity and habitat: Issues related to wildlife, endangered species, ecosystem services, habitat management, and relevant topics. Biodiversity refers to the variety of all plant and animal species. Habitat refers to the natural environment in which these plant and animal species live and function.

Building safety and materials: Assessment to identify potential hazards resulting, for example, from vulnerabilities caused by the construction materials used, major structural flaws or the presence of asbestos.

Climate change adaptation: Preparation for long-term change in climatic conditions or climate related events. Example of climate change adaptation measures can include, but are not limited to: building flood defenses, xeriscaping and using tree species resistant to storms and fires, adapting building codes to extreme weather events.

Contamination: Land and groundwater pollution which may require action to reduce risk to people or the environment. As an example, contamination can be assessed through a Phase I or II Environmental Site Assessment.

Due diligence process: The process through which a potential acquirer evaluates a target asset for an acquisition, contributing to well-informed investment decision-making.

Energy efficiency: Refers to products or systems using less energy to provide the same consumer benefit.

Energy supply: Availability of conventional power (generated by the combustion of fuels: coal, natural gas, oil) or renewable energy (e.g. sun, wind, water, organic plant and waste material).

Environmental risks: Impact on living and non-living natural systems, including land, air, water and ecosystems. This includes, but is not limited to biodiversity, transport and product and service-related impacts, as well as environmental compliance and expenditures.

GHG emissions: GHGs refers to the seven gases listed in the GHG Protocol Corporate Standard: carbon dioxide (CO2); methane (CH4); nitrous oxide (N2O); hydrofluorocarbons (HFCs); perfluorocarbons (PFCs); nitrogen trifluoride (NF3) and sulphur hexafluoride (SF6).

Health and well-being: “Health is a complete state of physical, mental and social well-being, not merely the absence of disease or infirmity”(WHO). Health & well-being is impacted by genetics and individual behavior as well as environmental conditions. Particularly relevant to GRESB stakeholders are the social determinants of health, which are the “conditions in which people are born, grow, work, live and age, and the wider set of forces and systems shaping the conditions of daily life.” These are the conditions that enable or discourage healthy living. This could include issues such as physical activity, healthy eating, equitable workplaces, maternity and paternity leave, access to healthcare, reduction in toxic exposures, etc.

A risk assessment on health and well-being might address only one or both of these topics, and could include assessments of risks associated with employees, customers, surrounding communities or all of the above.

Indoor environmental quality: Refers to the conditions inside the building. It includes air quality, access to daylight and views, pleasant acoustic conditions and occupant control over lighting and thermal comfort.

Natural hazards: Naturally occurring hazards, including but not limited to flooding, drought, hail storms, earthquakes and fire (including wildfire).

Regulatory risks: Examples include, but are not limited to: mandatory energy/carbon disclosure schemes, changes in taxes e.g. carbon tax, extreme volatility in energy prices due to regulation, zoning.

Resilience: Preparedness of the built environment towards existing and future climate changes (i.e., the ability to absorb disturbances such as increased precipitation or flooding while maintaining its structure). This can be achieved by management policies, informational technologies, educating tenant, community, suppliers and physical measures at the asset level.

Risk assessment: Careful examination of the factors that could potentially adversely impact the value or longevity of a real estate asset. The results of the assessment assist in identifying measures that have to be implemented in order to prevent and mitigate the risks.

Socio-economic risks: Impact on social well-being, livelihoods and prosperity of local communities and individuals. Examples include: economic/political instability, vulnerability to pandemics and epidemics, crime and vandalism, and the displacement of people.

Transportation risks: Risks associated with transportation around the location of a building in relation to pedestrian, bicycle and mass-transit networks, in context of the existing infrastructure and amenities in the surrounding area.

Water efficiency: Refers to the conservative use of water resources through water-saving technologies to reduce consumption.

Water supply: Provision of surface water, groundwater, rainwater collected directly or stored by the entity, waste water from another organization, municipal water supplies or other water utilities, usually via a system of pumps and pipes.

Waste management: Issues associated with hazardous and non-hazardous waste generation, reuse, recycling, composting, recovery, incineration, landfill and on-site storage.

Requirements

Select yes or no. If yes, select all applicable sub-options.

Other: State the other risk factor assessed.

It is possible to report multiple other answers.

Percentage of portfolio covered: Fraction of the portfolio calculated by floor area for which risk assessments were performed during the last three years. The numerator is the floor area of the assets for which the applicable technical building assessment was performed. The denominator is the total floor area of the portfolio as reported in RC5.1.

Open text box: The content of this open text box is not used for scoring, but will be included in the Benchmark Report. Participants should use this open text box to communicate on

1. Risk exposure. Describe the methodology used to identify the main risks to which the entity is exposed, as identified above.
2. Level of implementation. Identify the parties included in the assessment, e.g. employees, business partners, suppliers, contractors and subcontractors and other third parties, etc.
3. Risk mitigation. Describe the actions taken to mitigate the identified risks. The description can refer to actions taken to:
• Mitigate the cause of the identified risks (e.g. policies for CO2 reduction to reduce pollution, and thus minimizing exposure to carbon taxes);
• Mitigate the effects of the identified risks (e.g. policies for protection of the central plant against flooding risk);
4. Follow-up procedure. Describe the procedure employed if the identified risks occur.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded to each selected option, weighted per percentage of portfolio covered, and are then aggregated to calculate the indicator’s final score.

Reporting multiple other answers will not impact scoring; reported answer options in this field are validated individually, but scores will not be aggregated.

It is not necessary to select all answer options in order to obtain the maximum score for this question.

Open text box: The open text box is not scored and is for reporting purposes only.

References

ISO 31000:2009

World Economic Forum, Global Risks Report, 2017

Environment Agency, Groundwater protection: Principles and practice, 2013

SASB-Real Estate Owners, Developers & Investment Trusts (March 2016): IF0402-05; IF0402-09; IF0402-14

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.8, H&S-Comp asset health and safety compliance

RobecoSAM Corporate Sustainability Assessment 2017: 3.2.2 Risk Correlation

World Health Organization

Recommendations of the Task Force on Climate Related Financial Disclosures June 2017: Strategy A&B; Risk Management A&B

Indicator aligned with PRI Reporting Framework 2018, Direct Property, PR 16.1

Intent

The intent of this indicator is to examine the steps taken by the organization to understand the efficiency, water, waste and health & well-being improvement opportunities available to the entity.

Terminology

Energy efficiency: Refers to products or systems using less energy to provide the same consumer benefit.

Health and well-being: “Health is a complete state of physical, mental and social well-being, not merely the absence of disease or infirmity”(WHO). Health & well-being is impacted by genetics and individual behavior as well as environmental conditions. Particularly relevant to GRESB stakeholders are the social determinants of health, which are the “conditions in which people are born, grow, work, live and age, and the wider set of forces and systems shaping the conditions of daily life.” These are the conditions that enable or discourage healthy living. This could include issues such as physical activity, healthy eating, equitable workplaces, maternity and paternity leave, access to healthcare, reduction in toxic exposures, etc.

Technical building assessment: Formal documented assessment of a building undertaken by a person with technical expertise. Examples of persons with technical expertise can include, but are not limited to: building engineers and building surveyors. Examples of types of assessment can include, but are not limited to: assessments of the structure of the building and materials used, how the building is operated, and how the building is used by its occupants.

Water efficiency: Refers to the conservative use of water resources through water-saving technologies to reduce consumption.

Waste management: Issues associated with hazardous and non-hazardous waste generation, reuse, recycling, composting, recovery, incineration, landfill and on-site storage.

Requirements

Select yes, no or not applicable. If yes, also (1) select all applicable sub-options and (2) complete the percentages by floor area for the whole portfolio.

Percentage of portfolio covered: Fraction of the portfolio calculated by floor area for which technical building assessments were performed during the last three years. The numerator is the floor area of the assets for which the applicable technical building assessment was performed. The denominator is the total floor area of the portfolio as reported in RC5.1.

Evidence: Document upload or document name and date. The evidence should sufficiently support all the items selected for this question. In the absence of an upload, providing the document name AND date of publication is mandatory, and you may be asked to disclose the document to GRESB as part of the validation process.

The provided evidence should cover the following elements:

1. Energy efficiency: a) the performance of technical building energy efficiency assessments during the past four years, and b) the scope of the energy assessment. An example of valid supporting evidence may be a technical building energy assessment report for an asset from the portfolio performed during the reporting period or no more than four years ago. Ideally, the document includes specifications on the following elements:
• Asset characteristics and project description
• Building envelope (insulation, fenestration)
• Heating and cooling system
• Ventilation system
• Service water heating system
• Automatic controls
• Lighting system
• Process loads
• Energy saving recommendations

Example energy efficiency technical building assessment: Supporting documentation that demonstrates undertaking The Investor Confidence Project (ICP) Investor Ready Energy Efficiency™ (IREE™) Certification, which is an energy efficiency related technical building certification.

2. Water efficiency, waste management, health & well-being: a) the performance of applicable technical building assessments for water, waste and/or health & well-being, b) the scope of the water, waste and/ or health and well-being assessment. An example of a valid supporting evidence may be a technical building assessment report for an asset from the portfolio performed during the reporting period or no more than four years ago.

Reporting period: Answers must refer to the reporting period identified in EC3, and the three years prior.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded based on (1) the selected assessment options, (2) the percentage portfolio covered for each assessment type and (3) the party who carried out the assessment(s) (in-house or external).

Energy has a maximum 2 points available, 1.5 for water, 0.5 for waste and 0.5 for health & well-being.

The reported answer options are validated based on the provided evidence, and points are contingent upon validity of the supporting evidence.

References

Investor Confidence Project (ICP) Investor Ready Energy Efficiency™ (IREE™)

SASB-Real Estate Owners, Developers & Investment Trusts (March 2016): IF0402-05

Recommendations of the Task Force on Climate-Related Financial Disclosures June 2017: Strategy A&B

Indicator aligned with PRI Reporting Framework 2018, Direct Property, PR 16.1

Intent

The intent of this indicator is to improve environmental performance within a portfolio, focusing on opportunities to increase the energy efficiency of assets.

This indicator examines measures (or projects) undertaken to reduce the portfolio’s energy consumption. Usually, the implementation of these measures is the result of technical building assessments, which are focused on investigating the energy use and requirements of the building based on its characteristics and installed equipment.

Terminology

Building automation system upgrades/replacements: Refers to the computer-based centralized system installed in buildings that controls and monitors equipment such as ventilation, airconditioning, heating, lighting, alarms and communications.

Upgrades and replacements refers to the process of ensuring the building automation system is operating at full capacity, as to achieve optimal management of systems and increase energy efficiency.

Building energy management system: Computer‐based automated systems that monitor and control all energy‐related systems, including all mechanical and electrical equipment in buildings.

Installation of high-efficient equipment and electrical appliances: Specification and purchase of electrical equipment and appliances that minimize the building‘s energy needs. This includes, but it is not limited to: energy efficient lighting upgrades/replacements and HVAC system upgrades/replacements.

Installation of on-site renewable energy: Renewable energy produced on-site, to meet some or all of the building’s energy requirements.

Measure: The actual project or activity undertaken/implemented to improve energy efficiency as part of the selected category.

Occupier engagement/informational technologies: Communication and information technologies implemented to inform and engage with tenants in regards to their energy use.

Smart grid/smart building technologies: Computer-based control and automation of electricity network systems, to support and manage electricity demand in a sustainable, integrated manner.

System commissioning: The process of ensuring that systems are designed, installed, and functionally tested, and that they are capable of being operated and maintained to perform optimally.

Requirements

Select energy-efficiency categories and specify the measure(s) implemented in the portfolio. Either select from the list or select “other.” It is possible to select a category more than once.

Other: State the other energy-efficiency measure.

It is possible to report multiple other answers.

Open text box: The description should briefly explain the measure implemented and preferably include payback period, property type and scope of the project. Participants should clarify the possible link(s) to the entity's’ objectives (MA1) and targets (PI5). The project to implement the measure can be ongoing at the time you submit your GRESB Assessment.

Percentage of whole portfolio covered (during the last four years): The percentage of the entity’s portfolio for which the selected measure has been implemented during the last four years, including the reporting year. It includes measures implemented as part of the design and development of a new asset (if they occured within the past four years), regardless whether the asset was developed by the reporting entity itself or acquired, and measures implemented by the landlord and/or tenants during the operation. The implementation of the measure can be ongoing at the time you submit your GRESB Assessment.

Estimated savings and target ROI: Estimated savings and target ROIs are for reporting purposes only. Participants can use these fields to demonstrate the business case for implementing an efficiency measure. The “Estimated savings” and “Target ROI” fields are not mandatory. If the project is ongoing or is implemented in phases, include the estimated savings and target ROI of the whole project.

Reporting period: Answers must refer to the reporting period identified in EC3, and the three years prior.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded based on (1) validity of the reported measure(s), (2) the description of the measure and (3) the portfolio coverage of the measure (during the last four years).

Each measure can earn a maximum of 1.5 points, depending on the portfolio coverage during the last four years.

It is not required to select all categories in order to receive the maximum score for this indicator.

The open text box underneath the table is not scored and is for reporting purpose only.

References

ISO 50001:2011 Energy Management Systems

LEED BD+C: Core and Shell, v4, Optimize Energy Performance LEED O+M: Existing Buildings, v4, Alternative Transportation

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 7.9, Narrative on performance

SASB-Real Estate Owners, Developers & Investment Trusts (March 2016): IF0402-05

Recommendations of the Task Force on Climate-Related Financial Disclosures June 2017: Strategy A&B

Indicator aligned with PRI Reporting Framework 2018, Direct Property, PR 16.1

Intent

This indicator intends to review the steps taken by the entity to reduce water consumption across the portfolio.

Along with energy performance, water consumption is a key indicator of environmental sustainability performance in real estate portfolios.

Terminology

Cooling tower water management: A cooling tower is a heat rejection device which extracts waste heat to the atmosphere through the cooling of a water stream to a lower temperature. Reduction of potable water consumption for cooling towers (or evaporative condenser equipment) can be achieved through effective water management, including conducting a water analysis to measure the concentration of at least five control parameters in order to optimize the cooling tower cycles and/or use of non-potable makeup water for a minimum of 20% of the makeup water.

Drip/smart irrigation: Drip irrigation systems save water by irrigating, fertilizing and aerating trees, shrubs, plants and bushes directly at the roots. Smart irrigation systems save water by adjusting the watering schedule and amount of water used for irrigation based on a variety of factors and inputs, including weather, plant species and soil type.

Drought tolerant/native landscaping: Adapted or indigenous vegetation that has evolved to the geography, hydrology and climate of a region requiring minimal or no supplemental watering beyond natural rainfall.

Dry fixtures: Fixtures that do not require the use of water, such as composting toilet systems and waterless urinals.

Grey water: Wastewater generated from hand basins, showers and other water-using devices and equipment.

High-efficiency fixtures: Appliances and plumbing equipment that conserve water without compromising performance (also known as “ultra-low-flow” fixtures).

Leak detection system: Systems that detect water leaks. Examples can include, but are not limited to: condensate water overflow, chiller water leaks, plumbing line cracks, heating/cooling piping leaks and outside seepage.

Measure: The actual project or activity undertaken/implemented to improve energy efficiency as part of the selected category.

Metering of water subsystems: Installing sub-meters to measure the water consumption of applicable subsystems, such as irrigation, indoor plumbing fixtures, domestic hot water, reclaimed water or other process water uses, which supports effective water management and identifying opportunities for additional water savings.

On-site wastewater treatment: Process of water decontamination as a consequence of any anthropogenic, industrial or commercial use, before the water is released again into the environment or is re-used.

Stormwater: Water that collects during precipitation, which can be stored on-site for eventual reuse for non-potable applications. Examples of applications for reuse can include, but are not limited to: landscape irrigation and/or flush fixtures.

Requirements

Select water-efficiency categories and specify the measure(s) implemented in the portfolio. Either select from the list or select “other.” It is possible to select a category more than once.

Other: State the other water-efficiency measure.

It is possible to report multiple other answers.

Open text box: The description should briefly explain the measure implemented and preferably include payback period, property type and scope of the project. Participants should clarify the possible link(s) to the entity's’ objectives (MA1) and targets (PI5). The project to implement the measure can be ongoing at the time you submit your GRESB Assessment.

Percentage of whole portfolio covered (during the last four years): The percentage of the entity’s portfolio for which the selected measure has been implemented during the last four years, including the reporting year. It includes measures implemented as part of the design and development of a new asset (if they occured within the past four years), regardless whether the asset was developed by the reporting entity itself or acquired, and measures implemented by the landlord and/or tenants during the operation. The implementation of the measure can be ongoing at the time you submit your GRESB Assessment.

Estimated savings and target ROI: Estimated savings and target ROIs are for reporting purposes only. Participants can use these fields to demonstrate the business case for implementing an efficiency measure. The “Estimated savings” and “Target ROI” fields are not mandatory. If the project is ongoing or is implemented in phases, include the estimated savings and target ROI of the whole project.

Reporting period: Answers must refer to the reporting period identified in EC3, and the three years prior.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded based on (1) validity of the reported measure(s), (2) the description of the measure and (3) the portfolio coverage of the measure (during the last four years).

Each measure can earn a maximum of 1.25 points, depending on the portfolio coverage during the last four years.

It is not required to select all categories in order to receive the maximum score for this indicator.

The open text box underneath the table is not scored and is for reporting purpose only.

References

LEED BD+C: Core and Shell; and LEED O+M: Existing Buildings, v4, Water Efficiency, Indoor water use reduction

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 7.9, Narrative on performance

SASB-Real Estate Owners, Developers & Investment Trusts (March 2016): IF0402-09

Recommendations of the Task Force on Climate-Related Financial Disclosures June 2017: Strategy A&B

Indicator aligned with PRI Reporting Framework 2018, Direct Property, PR 16.1

Intent

This indicator intends to review the steps undertaken by the entity to reduce its waste production/generation, and to obtain a better optimize disposal methods. Along with energy performance and water consumption, waste management is a key indicator of environmental sustainability performance across real estate portfolios.

Terminology

Composting landscape and/or food waste: Composting is the controlled decomposition of organic material which produces useful soil amendment products. Engage in landscape and/or food waste composting either on-site or by contracting with a composting service provider.

Recycling program: A program for materials that can be locally recycled and contracted with a recycling service provider. Provide appropriately sized recycling collection and storage areas within the entity’s real estate holdings to enable occupants to sort, collect and divert materials from landfill.

Measure: The actual project or activity undertaken/implemented to improve energy efficiency as part of the selected category.

Solid waste management: Hazardous and non-hazardous waste including reuse, recycling, composting, recovery, incineration, landfill, and on-site storage.

Ongoing waste performance monitoring: Track and measure ongoing waste volumes generated on a minimum quarterly basis, by either weight or volume, to help identify diversion and recycling opportunities within the entity. Conduct a minimum annual review to evaluate performance.

Waste stream audit: A waste audit is a process for evaluating the materials in your building waste stream, and assessing whether materials are being disposed of correctly. Teams collect the waste during a designated collection period and then physically sort through it and quantify the amount of each material type. The waste audit process allows building managers to identify opportunities for diverting waste streams away from the landfill and toward recycling or composting.

Requirements

Select waste management categories and specify the measure(s) implemented in the portfolio. Either select from the list or select “other.” It is possible to select a category more than once.

Other: State the other waste management measure.

It is possible to report multiple other answers.

Open text box: The description should briefly explain the measure implemented and preferably include payback period, property type and scope of the project. Participants should clarify the possible link(s) to the entity's’ objectives (MA1) and targets (PI5). The project to implement the measure can be ongoing at the time you submit your GRESB Assessment.

Percentage of whole portfolio covered (during the last four years): The percentage of the entity’s portfolio for which the selected measure has been implemented during the last four years, including the reporting year. It includes measures implemented as part of the design and development of a new asset (if they occured within the past four years), regardless whether the asset was developed by the reporting entity itself or acquired, and measures implemented by the landlord and/or tenants during the operation. The implementation of the measure can be ongoing at the time you submit your GRESB Assessment.

Estimated savings and target ROI: Estimated savings and target ROIs are for reporting purposes only. Participants can use these fields to demonstrate the business case for implementing an efficiency measure. The “Estimated savings” and “Target ROI” fields are not mandatory. If the project is ongoing or is implemented in phases, include the estimated savings and target ROI of the whole project.

Reporting period: Answers must refer to the reporting period identified in EC3, and the three years prior.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded based on (1) validity of the reported measure(s), (2) the description of the measure and (3) the portfolio coverage of the measure (during the last four years).

Each measure can earn a maximum of 0.5 points, depending on the portfolio coverage during the last four years.

It is not required to select all categories in order to receive the maximum score for this indicator.

The open text box underneath the table is not scored and is for reporting purpose only.

References

LEED BD+C: Core and Shell; and LEED O+M: Existing Buildings, v4, Materials and resources

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 7.9, Narrative on performance

Recommendations of the Task Force on Climate-Related Financial Disclosures June 2017: Strategy A&B

Intent

The intent of this indicator is to assess the entity’s use of a systematic process to manage environmental impacts, risks and opportunities.

An Environmental Management System (EMS) is an internal framework that structures all procedures, projects and tactics into a cohesive program which aligns the sustainability efforts at entity or organization level. An EMS can assist organizations in managing and improving their environmental performance, complying with environmental laws and regulations, identifying financial savings through more efficient operating practices, and improving the standing of the business with staff, client companies, partner organizations and other stakeholders.

Use of an aligned or certified EMS framework provides assurance to both the business and external stakeholders that environmental impacts are measured and acted upon using a recognized and proven methodology. Periodic reviews of the EMS ensure its continuing suitability and effectiveness for the organization.

Terminology

Alignment: To agree and match with a recognized sustainability standard (either voluntary or mandatory).

Certified: Third-party recognition of meeting the requirements of a recognized standard.

Environmental Management System (EMS): A framework for managing an entity’s environmental impact based on its sustainability and related objectives. An EMS provides a practical framework for the assessment of environmental impacts, establishment of impact reduction targets, and the development of plans to achieve targeted reductions. An EMS enables an entity to take a structured approach to planning and implementing environmental protection measures.

An effective EMS is analogous to a financial management system that monitors expenditure and income to support analysis of financial performance. An EMS can cover a wide range of environmental topics, including, but not limited to: energy, GHG emissions, water, waste, transportation, climate change, resilience, risks, and materials. It can also refer to a wide variety of internal procedures, targets, persons responsible for implementing these procedures and working towards achieving the entity’s objectives. In summary, an EMS is used to formalize the strategic approach of the entity towards ESG. It outlines the structure used to monitor and manage environmental topics.

An important distinction needs to be made between an EMS and an EnMS. Unlike an EMS, an EnMS (Energy Management System) only covers energy, energy efficiency and conservation, energy management and performance. The most commonly used standard for implementing an EnMS is ISO 50001. An EnMS does not qualify as a valid answer for the purposes of this indicator.

ISO 14001 Alignment: ISO 14001 defines a complete EMS to include four stages:

1. Plan
   • Define the scope of the organization’s environmental policy (the most important areas of impact and relationship with primary stakeholders)
   • Define and maintain environmental objectives and targets (short-term and long-term)
   • Define the materiality matrix, based on priority sustainability issues
   • Identify relevant legal requirements and environmental legislation
   • Define emergency procedures
2. Do
   • Ensure the implementation of the action plan established in stage one and the maintenance of the systems in place
   • Assign responsibility for the overall development and maintenance of the system
   • Offer training and/or support to the people in charge to ensure conformity with the policy
3. Check
   • Establish appropriate communication channels with the people in charge
   • Monitor and document progress
   • Ensure compliance with applicable legal requirements
   • Identify and correct non-conformity
4. Act
   • Schedule periodic management reviews on results and next steps
   • Evaluate performance against targets
   • Determine corrective and preventative actions
   • Provide feedback and suggestions for improvement
   • Prepare and/or update procedures and supporting documentation

The process above provides an example of an EMS outline with the stages and elements included. The EMS, and therefore the supporting evidence, does not necessarily have to be structured according the ISO recommendations, nor does it have to include all suggested elements for each stage. While adherence to ISO 14001 is not required, the reported EMS must support the purpose identified in ISO 14001 and provide comparable functionality.

Requirements

Select yes or no. If yes, select all applicable sub-options.

Complete the additional information requested, and provide supporting evidence.

Aligned: Report the recognized standard used for the alignment of the EMS.

Externally certified: Provide the name of the organization responsible for certifying the EMS using a recognized standard, as well as the name of the recognized standard applied.

GRESB requires certification to be undertaken by a third party and not by the participant. EMS certification may only be obtained for one (or more) of the main standards/schemes, for example ISO14001.

Note that aligning or certifying individual sections of the EMS does not comply with the requirements of this indicator and does not constitute a valid answer.

Evidence: Document upload is mandatory for this indicator. The evidence should sufficiently support all the items selected for this question.

To qualify as valid, the evidence provided must include:

1. A high level outline or diagram of the implemented EMS.
2. The applicability of the EMS at the entity level.
3. The stages, elements and or processes currently covered by the EMS.
4. Evidence of implementation of the EMS into the entity or organization’s operations.

A fully accepted evidence must cover at least one elements from each of the four Plan - Do - Act - Check stages.

Energy Management Systems (EnMS): An EnMS only covers energy issues and is not considered an EMS, and as such not accepted as evidence for this indicator.

If the EMS is aligned with a standard, the evidence must include the name the standard used for alignment and define the degree of alignment with the standard. Elements of the EMS that align with the standard can be summarized, called out, highlighted, or shown in a diagram.

If the EMS is externally certified by and independent third party, the evidence should include signed proof of the certification according to the standard, which must be named within the evidence, as well as contact information of the independent third party involved and the date of the most recent certification.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity and/or organization level.

Scoring

Points are awarded based on (1) the existence of an EMS, (2) alignment or external certification with valid name of the organization that certified the EMS, if applicable. Points are contingent upon validity of the supporting evidence.

Full points will be awarded only if the evidence covers at least one element from each of the four stages outlined above, or is considered to comprehensively cover comparable stages, with proof of implementation.

References

LEED BD+C: Core and Shell, v4, Sustainable Sites; Water efficiency; Energy & Atmosphere; Material & resources; and Indoor Environmental Quality BREEAM In-Use International, Asset Performance; and Building Management

ISO 14001:2015 Environmental management systems – Requirements with guidance for use

ISO 14004:2015 Environmental management systems – general guidelines on principles, systems and support techniques

Intent

The intent of this indicator is to describe the scope of the entity’s activities to apply information technology to collect and analyze ESG performance indicators.

Monitoring performance data (energy and water consumption, GHG emissions and waste) is an important part of managing sustainability issues. Data management systems enable organizations to monitor performance in an efficient and effective way, for example, by integrating building management systems for individual locations across the portfolio.

Terminology

Building safety: Environmental issues with the potential to create or exacerbate risks to human safety, such as structural failure.

Data management system: A software system that enables an organization to collect, monitor and analyze performance data (energy, GHG emissions, water, waste, building certifications and ratings, etc.) across individual buildings in the portfolio, and to benchmark building performance within or outside the portfolio, or against industry standards. A data management system improves data quality and provides organizations with the tools to identify opportunities for improvement, and to identify and monitor consumption efficiency measures.

A data management system may be part of an EMS; however, it has a distinct structure and function. A data management system is primarily focused on quantitative information and works as a centralized data collection and analysis tool.

Energy consumption: the use of energy by the entity.

Environmental risks: Impact on living and non-living natural systems, including land, air, water and ecosystems. This includes, but is not limited to biodiversity, transport and product and service-related impacts, as well as environmental compliance and expenditures.

GHG emissions/management: GHG management refers to the management of GHG emissions. GHGs refers to the seven gases listed in the GHG Protocol Corporate Standard: carbon dioxide (CO2); methane (CH4); nitrous oxide (N2O); hydrofluorocarbons (HFCs); perfluorocarbons (PFCs); nitrogen trifluoride (NF3) and sulphur hexafluoride (SF6).

Indoor environmental quality: Refers to the conditions inside the building. It includes air quality, access to daylight and views, pleasant acoustic conditions and occupant control over lighting and thermal comfort.

Resilience: Preparedness of the built environment towards existing and future climate changes (i.e., the ability to absorb disturbances such as increased precipitation or flooding while maintaining its structure). This can be achieved by management policies, informational technologies, educating tenant, community, suppliers and physical measures at the asset level.

Water: Examples may include, but are not limited to: water consumption, water supply characteristics, and wastewater/effluent.

Waste streams/management: Examples may include, but are not limited to: waste generation by stream and diversion rates.

Requirements

Select yes or no. If yes, also select how the system was developed and complete the percentage of the portfolio covered by the system for each aspect.

Other: State the name of the other performance indicator included in the data management system.

Percentage of portfolio covered: The percentages should reflect the proportion of the whole portfolio floor area that is covered by the data management system. Coverage is calculated based on floor area, with the denominator being the floor area of the whole portfolio. If the floor area covered changed during the reporting period (for example because of a change in the number of assets) use the floor area percentage applicable at the end of the reporting period. Select one of the four categories provided in the dropdown menu.

Name of the organization: Provide the full name of the organization. You may be asked for additional information about the organization(s). It is possible to report on multiple organizations.

Name of the system: If the organization is using a external system, the name of the system must be provided. The name of the external system will be checked during validation.

If you use more than one data management system to track different elements, report on the total percentage of portfolio covered per applicable performance indicator (by one or more data management systems).

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity and/or organization level.

Scoring

Points are awarded based on (1) the type of system, and (2) selected performance indicators. Percentage of portfolio coverage is used for reporting purpose only and will not be scored.

Intent

Organizations use a variety of methods to monitor energy consumption. This indicator is intended to identify which data collection methods are used and for which fraction of the portfolio. The nature of monitoring is an indicator of the availability of data to support the achievement of sustainability targets and goals.

Terminology

Automatic meter readings: Meter readings taken automatically at predefined frequencies by building management systems or smart metering systems.

Based on invoices: Consumption monitoring based on invoices provided by the utility provider.

Manual-visual readings: Consumption monitoring based on physical reading of meters.

Provided by the tenant: The tenant purchases energy and provides the landlord with information on consumption data.

Requirements

Select yes, no or not applicable. If yes, also (1) select all applicable sub-options and (2) complete the percentages by floor area for the whole portfolio.

Overlap of monitoring methods: If multiple monitoring methods are used to monitor the energy consumption of a space, participants are required to report on the corresponding floor area only once, using the most robust monitoring method, according the following order: automatic meter readings, invoices, other options.

Percentage portfolio coverage: Percentages should represent the proportion of the whole portfolio floor area that is monitored. Coverage is calculated based on floor area, with the denominator being the floor area of the whole portfolio, and the numerator being the floor area for which data is monitored and available. If the floor area covered changed during the reporting period (for example because of a change in the number of assets) use the floor area percentage applicable at the end of the reporting period.

Note: The sum of percentages of the whole portfolio covered by each monitoring type should equal the percentage of whole portfolio covered by floor area.

Other: State the type of the other monitoring method use to monitor energy consumption.

It is possible to report multiple other answers.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded based on the selected monitoring types and their corresponding portfolio coverage percentages. The percentage of portfolio covered by each type of monitoring is scored, while the percentage of whole portfolio covered by floor area is not scored but for reporting purposes only.

Examples

In a 50,000 m2 industrial portfolio, just 30,000 m2 has energy supply. The reporting entity/landlord only receives the invoices for the common areas (2,000 m2), and receives the data from a selection of tenants (18,000 m2).

Percentage of whole portfolio covered by floor area: (2,000+18,000)/30,000 = 66.7%

Based on invoices: Percentage of the whole portfolio covered by floor area: 2,000/30,000 = 6.7%

Provided by the tenant: Percentage of the whole portfolio covered by floor area: 18,000/ 30,000 = 60%

References

LEED BD+C: Core and Shell, v4, Building-level Energy Metering; and Advanced Energy Metering

GRI Sustainability Reporting (2016): 302-1 Energy consumption within the organization; 302-2, Energy consumption outside the organization

RobecoSAM Corporate Sustainability Assessment 2017: 4.2.4, Energy

Intent

Organizations use a variety of methods to monitor water consumption. This indicator is intended to identify which data collection methods are used and for which fraction of the portfolio. The nature of monitoring is an indicator of the availability of data to support the achievement of sustainability targets and goals.

Terminology

Automatic meter readings: Meter readings taken automatically at predefined frequencies by building management systems or smart metering systems.

Based on invoices: Consumption monitoring based on invoices provided by the utility provider.

Manual-visual readings: Consumption monitoring based on physical reading of meters.

Provided by the tenant: The tenant purchases energy and provides the landlord with information on consumption data.

Requirements

Select yes, no or not applicable. If yes, also (1) select all applicable sub-options and (2) complete the percentages by floor area for the whole portfolio.

Overlap of monitoring methods: If multiple monitoring methods are used to monitor the water consumption of a space, participants are required to report on the corresponding floor area only once, using the most robust monitoring method, according the following order: automatic meter readings, invoices, other options.

Percentage portfolio coverage: Percentages should represent the proportion of the whole portfolio floor area that is monitored. Coverage is calculated based on floor area, with the denominator being the floor area of the whole portfolio, and the numerator being the floor area for which data is monitored and available. If the floor area covered changed during the reporting period (for example because of a change in the number of assets) use the floor area percentage applicable at the end of the reporting period.

Note: The sum of percentages of the whole portfolio covered by each monitoring type should equal the percentage of whole portfolio covered by floor area.

Other: State the type of the other monitoring method use to monitor water consumption.

It is possible to report multiple other answers.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity level.

Scoring

Points are awarded based on the selected monitoring types and their corresponding portfolio coverage percentages. The percentage of portfolio covered by each type of monitoring is scored, while the percentage of whole portfolio covered by floor area is not scored but for reporting purposes only.

Examples

In a 50,000 m2 industrial portfolio, just 30,000 m2 has water supply. The reporting entity/landlord only receives the invoices for the common areas (2,000 m2), and receives the data from a selection of tenants (18,000 m2).

Percentage of whole portfolio covered by floor area: (2,000+18,000)/30,000 = 66.7%

Base on invoices: Percentage of the whole portfolio covered by floor area: 2,000/30,000 = 6.7%

Provided by the tenant: Percentage of the whole portfolio covered by floor area: 18,000/ 30,000 = 60%

References

LEED BD+C: Core and Shell, v4, Building-level Water Metering; and Water

RobecoSAM Corporate Sustainability Assessment 2017: 4.2.7, Water

Intent

Organizations use a variety of methods to monitor their waste production and diversion rates. This indicator is intended to identify which data collection methods are used and for which fraction of the portfolio. The nature of monitoring is an indicator of the availability of data to support the achievement of waste reduction and diversion targets.

Terminology

Internal tracking: Internally developed waste monitoring methods (scales, sensors, etc.).

Provided by the hauler: Data directly provided to the entity from the waste hauling company.

Provided by the tenant: The tenant purchases energy and provides the landlord with information on consumption data.

Requirements

Select yes, no or not applicable. If yes, also (1) select all applicable sub-options and (2) complete the percentages by floor area for the whole portfolio.

Overlap of monitoring methods: If multiple monitoring methods are used to monitor the waste production of a space, participants are required to report on the corresponding floor area only once, using the most robust monitoring method.

Percentage portfolio coverage: Percentages should represent the proportion of the whole portfolio floor area that is monitored. Coverage is calculated based on floor area, with the denominator being the floor area of the whole portfolio, and the numerator being the floor area for which data is monitored and available. If the floor area covered changed during the reporting period (for example because of a change in the number of assets) use the floor area percentage applicable at the end of the reporting period.

Note: The sum of percentages of the whole portfolio covered by each monitoring type should equal the percentage of whole portfolio covered by floor area.

Open text box: In 2018, participants may calculate the portfolio coverage using their own methodology (i.e., by floor area, number of assets, etc.), but it is mandatory to use the open text box to explain the methodology used, including:

• The calculation methodology, including the unit of measurement/applied denominator
• Description of limitations, assumptions made in the calculation

Other: State the type of the other monitoring method use to monitor waste production.

It is possible to report multiple other answers.

Reporting period: Answers must refer to the reporting period identified in EC3.

Reporting level: Answers should be applicable at entity level.

Scoring

This indicator is not scored and is used for reporting purposes only.

References

RobecoSAM Corporate Sustainability Assessment 2017: 4.2.5, Waste

GRI Sustainability Reporting (2016): 306-2, Waste by type and disposal method

Requirements

Indicate whether the energy consumption data of this property type in PI1.1 is reported at the asset level.

Make sure you insert data in the correct section of the table, check the definition of 'Managed assets' and 'Indirectly Managed assets'. Only use Whole Building if no break-down of data is possible between Base Building and Tenant Space.

Additionally, if consumption cannot be separated between Common Areas and Shared Services/Central Plant, provide both in Shared Services/Central Plant.

Terminology

Common area: Areas shared with other building occupants, including, but not limited to: entrance areas, corridors, lifts, staircases, waste storage stores, communal kitchen and breakout facilities.

Tenant space: Lettable floor area (both vacant and let/leased areas) that is or can be occupied by tenants.

Purchased by landlord: Energy purchased by the landlord, but consumed by the tenant. This can include energy purchased by the landlord but used for vacant space.

Purchased by tenant: Energy purchased by the tenant. Typically this is data that is not within the participant's immediate control, but GRESB encourages efforts to collect it.

Whole building: Energy used by tenants and base building services to lettable/leasable and common spaces. This should include all energy supplied to the building for the operation of the building and the tenant space. For reporting to GRESB, use this section to report consumption data in the case no separate data for Common areas and Tenant space is available.

Managed asset: This definition of Managed assets and the definition of Indirectly Managed assets are solely based on the landlord/tenant relationship. Assets or buildings for which the landlord is determined to have 'operational control' where operational control is defined as having the ability to introduce and implement operating and/or environmental policies and measures. In case both the landlord and tenant have the authority to introduce and implement any or all of the policies mentioned above, the asset or building should be reported as a Managed asset. Where a single tenant has the sole authority to introduce and implement operating and/or environmental policies and measures, the tenant should be assumed to have operational control, so it should be considered to be an Indirectly Managed asset.

Indirectly managed assets: This definition and the definition of Managed assets are solely based on the landlord/tenant relationship. Assets or buildings for which the tenant is determined to have 'operational control' where operational control is defined as having the ability to introduce and implement operating and/ or environmental policies and measures. In case both the landlord and tenant have the authority to introduce and implement any or all of the policies and measures mentioned above, the asset or building should be reported as a Managed asset. Where a single tenant has the sole authority to introduce and implement operating and/or environmental policies and measures, the tenant should be assumed to have operational control, so it should be considered to be an Indirectly Managed asset.

Intent

Energy consumption and the corresponding cost represent a significant financial outlay and accounts for a large share of a building’s environmental footprint. Data measurement and consistent reporting of energy consumption help organizations to increase the energy efficiency of their portfolio, thus reducing economic and environmental impacts associated with fossil fuel energy use.

Absolute Consumption (MWh, m3) data is requested for reporting purposes only, and the quantity of use is therefore not scored. However, outlier checks are performed to ensure data quality (see the Introduction section for more information on the identification and elimination of outliers). Investors use this data to calculate the total energy consumption for their real estate investments. Data Coverage for Managed and Indirectly Managed assets, as well as for Base building, Tenant space and Whole building, is scored, as this reflects the efforts taken to measure and monitor consumption data.

GRESB calculates Like-for-Like Change, used for scoring purposes, based on the data submitted for 2017 and 2018 by property type for both Managed and Indirectly Managed assets.

Terminology

See definitions in Appendix 7a.

Requirements

Complete the applicable rows and fields in the table for that property type, based on whole portfolio data (including both Managed and Indirectly Managed assets).

1. For Managed Assets, determine if consumption data is collected for a combination of Base Building AND Tenant space, OR Whole building.

Combination of Base building and Tenant space

• Base building: Energy is supplied by central building services to common areas and possibly to lettable/leasable areas.
• Tenant space: The lettable floor area, both the vacant and let/leased areas

Whole Building

• Whole building: Energy is used by tenants and base building services in both lettable/leasable and common spaces, but is not available or metered separately. This should include all energy supplied to the building. Use this section to report consumption data when separate data for Common areas and Tenant space is not available.

1.1. For data collected at Base building level, allocate consumption data to the Common areas, Shared Service/Central Plant or Outdoor/Exterior areas/Parking.

Common Areas (row 1-3): Areas shared with other building occupants, including entrance areas, corridors, lifts, staircases,waste storage stores, communal kitchen, breakout facilities, etc.

Shared Service/Central Plant (row 4-6): Shared Services/Central Plant is a central source providing energy for the whole building, including common areas and shared services for tenants. If consumption cannot be separated between common areas and shared services, provide both here.

Outdoor/Exterior Areas/Parking (row 7-8): If energy consumption includes Outdoor/Exterior Areas/Parking and is measured separately, submit the data in Outdoor/Exterior Areas/Parking (rows 7-8). Otherwise it can simply be included in Base Building (or Whole Building).

1.2. For data collected at Tenant space level, determine if the data is Purchased by the landlord and/or Purchased by the tenant.

Purchased by landlord (row 10-12): The landlord holds the energy contract with a utility company. Energy is provided to and paid for by the tenant via service charges. This can include energy purchased by the landlord but used for vacant space.

Purchased by tenant (row 13-15): The tenant holds the energy contract with a utility company. Energy is therefore directly purchased by the tenant. Typically this is data that is not within the participant’s immediate control, although GRESB encourages efforts to collect it.

Note: If the participant is not able to collect the consumption data at the tenant areas, the Data Coverage should be 0 m2/ft2 and the Maximum Potential Coverage should reflect the total tenant floor area where the energy is consumed.

2. For Indirectly Managed Assets, allocate consumption data to Tenant space and/or Outdoor/Exterior areas/Parking.

Tenant space (row 22-24): The definition is solely based on the landlord/tenant relationship. For Indirectly Managed Assets or buildings, the single tenant is determined to have ‘operational control,’ where energy is fully taken care of by the tenants.

Outdoor/Exterior areas/Parking (row 25-26): If energy consumption includes Outdoor/Exterior Areas/Parking and is measured separately, submit the data in Outdoor/Exterior Areas/Parking (rows 25-26).

Note: If the participant is not able to collect the consumption data at the tenant areas, the Data Coverage should be 0 m2/ft2 and the Maximum Potential Coverage should reflect the total tenant floor area where the energy source is consumed.

3. Complete the applicable rows with Absolute and Like-for-Like consumption data, based on whole portfolio data for each property type.

Absolute Consumption: All available energy consumption data (in MWh) for both 2017 and 2018 should be included and completed in the applicable fields (column A and B). Make sure to complete the rows determined in the previous steps.

• Estimates: When landlord-obtained annual consumption data for a particular energy source is partially unavailable or unreliable for an asset, estimations may be necessary. Estimation allows completed annual data to be calculated for an asset where data is partially missing or unreliable. GRESB allows participants to use estimated data when reporting on energy consumption if this is aligned with one of the predefined methodologies (see Appendix 7b) and not used as a substitute to gather complete and accurate data.

Site or Source energy: Site energy data should be submitted in all applicable data fields. Energy data does not have to be converted back to Source energy data.

The Data Coverage and Maximum Potential Coverage are based on absolute consumption data submitted.

Like-for-Like Consumption: Energy consumption data reported on a like-for-like comparison (in MWh) should exclude assets which have been acquired, disposed, under development, have been largely refurbished over the past 24 months, or for which the data availability is not consistent for both reported years. This data is used to calculate Like-for-Like Change, which is the change in energy consumption for the part of the of the portfolio that has remained same year-over-year and/or for which comparable consumption data has been available for both years. All applicable energy consumption data for both 2017 and 2018 should be included and completed in the appropriate fields (column E, F and G). Make sure to complete the rows determined in the previous steps.

4. Complete Data Coverage for Absolute Consumption and report Maximum Potential Coverage of the portfolio for this property type.

Data Coverage calculations: GRESB calculates Data Coverage based on floor area for which consumption data is available (column C: Data Coverage) and on the total floor area for which consumption data could have been collected, which is the total supply area (column D: Maximum Potential Coverage). Data Coverage is calculated separately for Base Building, Tenant Space and Whole Building data within Managed assets as well as for Tenant space/building within Indirectly Managed assets.

• Data Coverage: The part of the portfolio for which data is available, per space and fuel type, as determined in the previous steps. The floor area reported in these fields (column C) should reflect the floor area of the asset/portfolio for which Absolute Consumption data is collected from and reported on in columns A and B.

Note: When there is no consumption data available for one of the energy sources, but an energy supply exists, Data Coverage should be 0 m2/ft2.

• Maximum Potential Data Coverage: The floor area reported in these fields (column D) should reflect the total floor area of the asset/portfolio of the area for which there is energy supply in the building.
• Example: Maximum Potential Data Coverage of Common Areas (row 1-3) should reflect the sum of the total floor area of all common areas within the portfolio by property type, for which there is energy supply.
• Example: for Indirectly Managed assets, Maximum Potential Coverage should reflect the percentage of the floor area reported for that particular property type in the reporting characteristics (RC5.1), assuming there is supply in all assets/building for the applicable energy type.

Floor area type: Participants should consistently apply the floor area type (gross floor area or lettable floor area), as selected in RC5.1, for each completed row. Within the row, m2/ft2 reported in Data Coverage and Maximum Potential Coverage and the selected floor area must be consistent as chosen in RC3. It is recommended to report on floor areas using the International Property Measurement Standard (IPMS).

Note: If the floor area for common areas is unknown, report an estimated floor area as a proportion of lettable floor area. Report the details of the estimate in the open text box below the Energy Consumption Table.

5. Complete Data Coverage for Like-for-like Consumption of the portfolio for this property type.

When analyzing the Assessment results, institutional investors would like to be able to put the LFL data into the context of their investment portfolio. This value does not have any impact on scoring, but it will help GRESB refine additional data checks on the data provided and it will help investors with their interpretation of portfolio performance. Make sure that the like-for-like consumption data is submitted before you explain the portfolio outlier checks, in case the GRESB Portal detects outliers in the data.

6. Average annual vacancy: Report the weighted average annual vacancy in the portfolio of each property type for 2017 and 2018, based on floor area. This information is used for reporting purposes and may clarify the Like-for-Like Change figures.

Open text box: The content of this open text box is not used for scoring, but will be included in the Benchmark Report. Participants should use this open text box to communicate on any assumptions made in reporting and possible exclusions from the like-for-like portfolio, etc.

Outliers: The consumption data is validated as part of the All Participant Outlier Check. If the corresponding consumption is abnormal relative to all reported data for the particular property type. Participants should be sure to explain the identified outliers before submitting the Assessment. The explanation provided for the outliers will be validated and will affect the inclusion of the data points scoring and analysis. Reasonable and clear explanations prevent the exclusion of data points identified as outliers. Outlier explanations can pertain to:

• Implemented efficiency measures
• Weather conditions
• Tenant behavior
• Other __________

The outlier validation guidance can be found in Appendix 7c.

Scoring

Scoring for this indicator is based on:

1. Data Coverage = 8p
2. Asset level energy data reporting = 1.5p
3. Like-for-Like data availability = 0.5p
4. Like-for-Like performance improvement = 2p

Data coverage percentages values are benchmarked against peers in the benchmarking comparison group. Benchmarks are constructed within property type and account for whether the data was “Landlord obtained” or “Tenant obtained”, per below definitions:

• Landlord obtained data:
• Managed Assets: Base Building, Tenant Space purchased by Landlord, and Whole Building.
• Tenant obtained data:
• Managed Assets: Tenant space purchased by tenant;
• Indirectly Managed Assets: Whole building.

The benchmark attempts to further refine benchmarking groups to the regional level, but will use a global benchmarking group in case of an insufficient number of regional peers (minimum of 12). If the GRESB reporting universe does not contain a sufficient number of peers to construct a global benchmark (minimum of 12), the benchmark will use a static model with cut off points at: 25%, 50% and 75% data coverage.

The scoring methodology for data coverage values: Within each benchmarking group the relevant data coverage values are split into quartiles. Each respondent is then given 25%, 50%, 75% or 100% of the maximum available points depending on whether their data coverage value is in the 1st, 2nd, 3rd or 4th quartile of the benchmark. The resulting scores are then aggregated to a single score using a weighted mean with floor areas as weights. The maximum available points is defined as:

• Base building: 40%*8p = 3.2p
• Tenant spaces: 60%*8p = 4.8p, divided between:
• Landlord obtained energy - weighted based on floor area Tenant Space, Energy Purchased by Landlord out of total Tenant floor area
• Tenant obtained energy - weighted based on floor area Tenant Space, Energy Purchased by Tenant out of total Tenant floor area
• Whole building: 8p

The scoring methodology for Like-for-Like data: Like-for-Like performance is scored using a methodology and approach similar to the scoring of data coverage, except for that reporting a lower value (for example a negative one) which ends up in a lower quartile will always result in a higher or equal score.

Open text box: The open text box is not scored and is for reporting purposes only.

This indicator is reported and scored separately for each property type. The total score of the indicator is calculated by taking a weighted average of the scores per property type weighted by the GAV percentage allocated to each property type in RC5.1

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.2, Coverage

SASB-Real Estate Owners, Developers & Investment Trusts, March 2016: IF0402-01; IF0402-02; IF0402-03

RobecoSAM Corporate Sustainability Assessment, 2017: 4.2.4, Energy

Recommendations of the Task Force on Climate-Related Financial Disclosures, June 2017: Metrics and Targets- A

Intent

Energy use intensities are key metrics to measure energy performance of buildings. These metrics are building-agnostic and can be used for tracking overall portfolio performance over time. GRESB acknowledges that there are regional and property type variations in how intensities are calculated. Therefore, GRESB asks participants to calculate intensities using their own calculation method.

Terminology

See definitions in Appendix 7a.

Requirements

Select yes or no per property type. If yes, complete available data in the table and report energy use intensities based on whole portfolio (Managed and Indirectly Managed assets).

Participants have the option to select a baseline year. This can be any year from 2002 onwards. Complete all the fields and be consistent with the unit of measurement used.

Participants should select the elements for which intensities are normalized (i.e. included in the intensity calculation). Floor area is not considered a normalization factor, but the denominator by default.

Note: In the case the intensities are calculated by a third party tool/methodology, make sure to select the normalization factors applied by the tool/methodology and specify the tool/methodology. For example: NABERS. The energy consumption figures are adjusted/normalized to account for area, climate, hours of occupancy and equipment density.

Examples

Units of measurement/applied denominators can differ, examples are: m2/ft2, workstations (Office), visitors per annum (Retail), number of guest-nights (Hotel), number of households (Residential).

Scoring

Scoring of intensity data input is based on:

• Data reported, yes or no.
• If yes, the number of normalization factors applied.

Percentage of portfolio covered is used for reporting purposes only and is not included in scoring.

This indicator is reported and scored separately for each property type. The total score of the indicator is calculated by taking a weighted average of the scores per property type weighted by the GAV percentage allocated to each property type in RC5.1

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.6, Normalisation; Energy intensity

GRI Sustainability Reporting Standards, 2016: 302-3, Energy intensity

RobecoSAM Corporate Sustainability Assessment, 2017: 4.2.4, Energy

Recommendations of the Task Force on Climate-Related Financial Disclosures, June 2017: Metrics and Targets- A

Intent

The use of renewable energy reduces economic and environmental impacts associated with fossil fuel energy use. The intent of this indicator is to determine the entity’s use of renewable energy sources.

Terminology

See definitions in Appendix 7a.

Requirements

Select yes or no per property type. If you select yes, complete the table and report absolute renewable energy generation and consumption based on the whole portfolio (Managed and Indirectly Managed assets). Leave fields for which you do not have data blank. If no data is available or no renewable data is used, select no.

To be able to use this data for your GHG emissions calculation, you should break down on-site renewable energy into:

• Generated and consumed on-site; and
• Generated on-site and exported.

Off-site renewable energy (generated off-site or purchased from third party) refers to what is consumed in the real estate portfolio.

Note:

• You can include REC’s (renewable energy certificates) and/or PPA (power purchase agreement) in your reporting on renewable energy in PI1.3, Row 32: Off-site renewable energy (generated off-site or purchased from third party). However, RECs cannot be considered a source of renewable energy and as a way to offset the portfolio’s carbon emission at the same time. You should therefore not include REC’s in your reporting on GHG Offsets in PI2.1, or Row 42: GHG Offsets purchased if these have been reported in PI1.3.
• GRESB does not include Carbon offsets (e.g. certificates) as Renewable Energy. Carbon offsets can be specified separately in PI2.1, Row 42: GHG Offsets purchased and NOT be included as renewable energy in PI1.3

GRESB automatically calculates total renewable energy. This is the sum of renewable energy generated on-site, (both consumed on-site and exported), plus renewable energy generated off-site or purchased from a utility provider or other third party. Make sure you use the correct measurement units: MWh, rather than kWh.

Percentage renewable energy: This refers to the percentage of the whole portfolio’s total energy use that is sourced from renewable energy (consumed and/or generated). This should be calculated based on (a) the total amount of renewable energy and (consumed and/or generated) (b) total energy consumption of whole portfolio of this property type. To calculate the relative use of renewable energy within the portfolio, you must ensure that the coverage figure is aligned with the Data Coverage provided in table PI1.1, column C.

This indicator tracks the amount of renewable energy generated or purchased from external sources. Participants should not use this indicator to reflect the energy mix associated with grid intensity factors.

Percentage renewable energy = (Total renewable energy(consumed and/or generated)) / (Total energy consumption of whole portfolio of this property type) x 100

Scoring

The scoring of this indicator is based on: (1)On-site renewable energy = 2p, (2)off-site renewable energy = 1p, and (3)Performance (% renewable energy) = 1p. The maximum points available is capped at 3p.

This indicator is reported and scored separately for each property type. The total score of the indicator is calculated by taking a weighted average of the scores per property type weighted by the GAV percentage allocated to each property type in RC5.1

References

GHG Protocol

CDP, Q8 Emissions data

LEED O+M: Existing Buildings, v4, Energy & Atmosphere: Renewable Energy and Carbon Offsets

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.2, Coverage; Elec-Abs

SASB-Real Estate Owners, Developers & Investment Trusts, March 2016: IF0402-01; IF0402-02; IF0402-03

Recommendations of the Task Force on Climate-Related Financial Disclosures, June 2017: Metrics and Targets- A

Intent

Third-party review on ESG data provides investors and participants with confidence regarding the integrity and reliability of the reported information. This indicator is NOT asked per property type but inquires about review energy data reported across the whole portfolio.

This indicator differs from PD5.2, by addressing the review of data provided in PI1.1, PI1.2 and PI1.3. The review covered in PD5.2, can differ in both granularity (level of detail) and scope (see Requirement section for details).

Terminology

See definitions in Appendix 7a.

Requirements

Select yes, no or not applicable. If yes, state whether the energy consumption data has been checked, verified or assured (select one option; the most detailed level of scrutiny to which the data was subject). Select the assurance/verification standard (if applicable) from the dropdown menu (see Accepted assurance schemes in the Appendices); Any "Other" standard selected from the Scheme name dropdown menu will be subject to validation.

Name of the organization: Provide the full name of the organization. You may be asked for additional information about the organization(s). It is possible to report on multiple organizations.

Evidence: Document upload is mandatory. Evidence should include:

1. Prove of the existence of the third-party energy consumption data review. A clear indication that the reviewed data reflects the data reported in PI1.1, PI1.2, PI1.3.
2. A description of the type of third-party review (checked, verified, or assured), the used assurance standard (when applicable), and the name of the third-party that conducted the review.
3. Proof that the energy consumption data review was performed for the underlying assets of the reporting entity.

Note: This indicator differs from PD5.2 in both granularity (level of detail) and scope:

• If data granularity required in PI1.1, PI1.2 and PI1.3 is higher than in PD5.2, participants can not assume that data review documented in PD5.2 also applies to PI1.1, PI1.2 and PI1.3.
• However, if data granularity provided in PI1.1, PI1.2 and PI1.3 is lower than PD5.2, then participants can assume that independent review documented in PD5.2 implicitly covers these 3 indicators.

In the latter case, responses will only be considered valid if reporting boundaries for both sets of indicators are equivalent. Any difference in reporting boundaries needs to be thoroughly supported by evidence and clearly explained by participants.

Scoring

Scoring is based on (1) the type of third-party review, (2) the validity of the name of the organization reported, and (3) the used verification/assurance standard, when applicable.

The reported answer options are validated based on the provided evidence, and points are contingent upon validity of the supporting evidence.

References

GRESB’s accepts verification and assurance standards based upon their alignment with CDP's (Carbon Disclosure Project) Verification Guidanceaccepted verification standards.

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.4, Third party assurance

Intent

Greenhouse gas (GHG) accounting has developed significantly in recent years. Many countries have introduced mandatory GHG emissions reporting, in addition to organizations often setting their own voluntary GHG emission targets. Evaluating emissions within participants’ portfolios has become the norm, and organizations are increasingly looking at emissions throughout their value chains.

Terminology

Location-based method: A method used to quantify Scope 2 GHG emissions based on average emissions intensity of grids on which the energy consumption occurs (using mostly grid-average emission factor data). Emission factors are often defined using geographic locations. These can be based on local, subnational, or national boundaries.

Market-based method: A method to quantify Scope 2 GHG emissions based on emissions by the generators from which the reporter contractually purchases electricity. The market-based method reflects the GHG emissions associated with the choices a consumer makes regarding its electricity supplier or product (or the lack of choice).

Equity share approach: Scope 1 and Scope 2 GHG emissions are accounted from operations according to share of ownership. The equity share reflects economic interest, which is the extent of rights a company has to the risks and rewards flowing from an operation. For example, an entity will account for the emissions of a JV asset by weighing the emissions by percentage of ownership.

Operational control approach Under the operational control approach, a company accounts for 100 percent of the Scope 1 and Scope 2 GHG emissions from operations over which it has control. A company has operational control over an operation if the former or one of its subsidiaries has the full authority to introduce and implement its operating policies at the operation. It does not account for GHG emissions from operations in which it owns an interest but has no control.

Financial control approach The company has financial control over the operation if the former has the ability to direct the financial and operating policies of the latter with a view to gaining economic benefits from its activities.

Requirements

Select yes or no for each property type included in the entity’s portfolio. If no data is available, select ‘no’. If yes is selected, you will be asked to answer PI2.1, PI2.2 per property type.

Indicate the methodology used in calculating Scope 2 GHG emissions for this property type. This is not scored in 2018 but for reporting purpose only.

• Location/Market-based method: Select the method used to calculate Scope 2 GHG emissions. GRESB recognizes that with the 2015 update of the GHG Protocol companies are recommended to report separately on both location-based and market-based Scope 2 GHG emissions. As PI2.1 has only one field to report Scope 2 emissions, GRESB recommends participants to use the location-based method over the market-based method in their reporting.
Participants should only select both checkboxes if they cannot report on either the location or market-based method separately.
• Equity share/Operational/Financial control approach: Participants should indicate which approach they used for establishing their Scope 1 and Scope 2 GHG emissions inventory reporting boundary. GRESB recommends participants to use the "Operational Control Approach", which is globally the most widely adopted.

Note that the type of approach selected together with the leasing structure of assets will determine what type of emissions are reported under Scope 1, Scope 2 and Scope 3 emissions.

• Operational (GRESB recommended) or /Financial control approach
• Emissions from landlord controlled areas are considered Scope 1 and Scope 2.
• Emissions from Tenant controlled areas and from Indirectly Managed Assets are considered Scope 3.

If emissions are not submetered to the tenants, participants should report them as Scope 1 or Scope 2.

• Equity share approach
• Emissions from the entire portfolio, including tenant emissions, are attributed to Scope I and Scope 2.
• Emissions from JV are attributed to the entity per percentage ownership of the asset.

Participants always have the opportunity to report additional Scope 3 emissions "("other than tenant emissions")"" in the open text box underneath the table in PI2.1. However, emissions associated with a company’s supply chain should not be associated with any Floor Area.

References

GHG Protocol Scope II Guidance, 2015

Realpac, Who’s Carbon is it?, 2010

Intent

Greenhouse gas (GHG) accounting has developed significantly in recent years. Many countries have introduced mandatory GHG emissions reporting, in addition to organizations often setting their own voluntary GHG emission targets. Evaluating emissions within participants’ portfolios has become the norm, and organizations are increasingly looking at emissions throughout their value chains.

Terminology

See definitions in Appendix 7a.

Requirements

Complete the applicable rows and fields in the table for that property type, based on whole portfolio data (combine Managed and Indirectly Managed assets).

Fields to complete: Complete all the fields of the table for which you have available data, making sure that you use the correct measurement unit (metric tonnes).

The reporting rules for data coverage and Like-for-Like outlined in PI 1.1 are also applicable to PI 2.1.

Outliers: The consumption data is validated as part of the All Participant Outlier Check. If the corresponding consumption is abnormal relative to all reported data for the particular property type. Participants should be sure to explain the identified outliers before submitting the Assessment. The explanation provided for the outliers will be validated and will affect the inclusion of the data points scoring and analysis. Reasonable and clear explanations prevent the exclusion of data points identified as outliers. Outlier explanations can pertain to:

• Implemented efficiency measures
• Weather conditions
• Tenant behavior
• Other __________

The outlier validation guidance can be found in Appendix 7c.

Open text box: The content of this open text box is not used for scoring, but will be included in the Benchmark Report. Participants should use this open text box to communicate on GHG emissions calculation methodology, assumption, boundaries, etc.
Note: Participants always have the opportunity to report additional Scope 3 emissions, other than tenant emissions, in the open text box. However, these emissions associated with a company’s supply chain, should not be associated with any Floor Area.

Scoring

The scoring for this indicator is based on:

1. Data Coverage for Scope 1,Scope 2, and Scope 3 (excluding emissions associated with Outdoor/ Exterior areas/ Parking) GHG emissions = 2p
2. Asset level GHG emissions data reporting = 0.5p
3. Like-for-Like performance improvement = 1p

Data Coverage for the total Scope 1,Scope 2 and Scope 3 (excluding emissions associated with Outdoor/ Exterior areas/ Parking) emissions is benchmarked and scored. Benchmarks are constructed within property type, and attempts to further refine benchmarking groups to the regional level, but will use a global benchmarking group in case of an insufficient number of regional peers (minimum of 12). If the GRESB reporting universe does not contain a sufficient number of peers to construct a global benchmark (minimum of 12), the benchmark will use a static model with cutoff points at: 25%, 50% and 75% data coverage.

The scoring methodology for data coverage values: Within each benchmarking group the relevant data coverage values are split into quartiles. Each respondent is then given 25%, 50%, 75% or 100% of the maximum of 2 points for data coverage, depending on whether their coverage value is in the 1st, 2nd, 3rd or 4th quartile of the benchmark. The resulting scores are then aggregated to a single score using a weighted mean with floor areas as weights.

The scoring methodology for Like-for-Like data: Like-for-Like performance is scored using a methodology and approach similar to the scoring of data coverage (1, 0.5 or 0.25 points, respectively), except for that reporting a lower value (for example a negative one) which ends up in a lower quartile will always result in a higher or equal score.

Open text box: The open text box is not scored and is for reporting purposes only.

This indicator is reported and scored separately for each property type. The total score of the indicator is calculated by taking a weighted average of the scores per property type weighted by the GAV percentage allocated to each property type in RC5.1

References

Reporting of GHG emissions is based on: GHG protocol, GRI GRESS (G4-EN15, G4-EN16, G4-EN17,), ISO 14064 and CDP.

For further guidance on the individual components of GHG emissions, refer to: EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017; INREV Sustainability Reporting Recommendations, 3.5-3.7; International Property Measurement Standard (IPMS); EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.2, Coverage; RobecoSAM Corporate Sustainability Assessment, 2017: 4.2.1, Direct greenhouse gas emissions; Recommendations of the Task Force on Climate-Related Financial Disclosures June 2017: Metrics and Targets- B

Intent

GHG intensities provide an important measure of the environmental performance of an asset. These metrics can be used for tracking asset performance over time. GRESB acknowledges that there are regional and property type variations in how intensities are calculated. Therefore, GRESB asks participants to calculate intensities using their own calculation method.

Terminology

See definitions in Appendix 7a.

Requirements

Select yes or no per property type. If you select yes, complete available data in the table and report GHG emissions intensities based on Whole Portfolio (Managed and Indirectly Managed assets).

Participants have the option to select a baseline year. This can be any year from 2002 onwards. Complete all the fields, and be consistent in the unit of measurement used.

Participants should select the elements for which intensities are normalized (i.e. included in the intensity calculation). Floor area is not considered a normalization factor, but the denominator by default.

Note: In the case the intensities are calculated by a third party tool/methodology, make sure to select the normalization factors applied by the tool/methodology. Example: NABERS - the GHG emission data is adjusted to account for area, climate, hours of occupancy and equipment density.

Examples

Units of measurement/applied denominators can differ, examples are: m2/ft2, workstations (Office), visitors per annum (Retail), number of guest-nights (Hotel), number of households (Residential).

Scoring

Scoring of intensity data input is based on:

• Data reported, yes or no.
• If yes, the number of normalization factors applied.

Percentage of portfolio covered is used for reporting purposes only and is not included in scoring.

This indicator is reported and scored separately for each property type. The total score of the indicator is calculated by taking a weighted average of the scores per property type weighted by the GAV percentage allocated to each property type in RC5.1

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.6, Normalisation

CDP, CC12 Emissions Performance

GRI Sustainability Reporting Standards, 2016: 305-4, GHG emissions intensity

GRI GRESS (G4-EN18)

Recommendations of the Task Force on Climate-Related Financial Disclosures, June 2017: Metrics and Targets- B

Intent

Third-party review on ESG data provide investors and participants with confidence regarding the integrity and reliability of the reported information. This indicator is NOT asked per property type but inquires about the review e of GHG emissions data across the whole portfolio.

Terminology

See definitions in Appendix 7a.

Requirements

Select yes, no or not applicable. If yes, state whether the GHG emissions data has been checked, verified or assured (select one option; the most detailed level of scrutiny to which the data was subject). Select the assurance/verification standard (if applicable) from the dropdown menu (see Accepted assurance schemes in the Appendices); Any "Other" standard selected from the Scheme name dropdown menu will be subject to validation.

Name of the organization: Provide the full name of the organization. You may be asked for additional information about the organization(s). It is possible to report on multiple organizations.

Evidence: Document upload is mandatory. Evidence should include:

1. Prove of the existence of the third-party GHG emissions data review. A clear indication that the reviewed data reflects the data reported in PI1.1, PI1.2, PI1.3.
2. A description of the type of third-party review (checked, verified, or assured), the used assurance standard (when applicable), and the name of the third-party that conducted the review.
3. Proof that the GHG emissions data review was performed for the underlying assets of the reporting entity.

Note:This indicator differs from PD5.2 in both granularity (level of detail) and scope:

• If data granularity required in PI2.1 and PI2.2 is higher than in PD5.2, participants can not assume that data review documented in PD5.2 also applies to PI2.1 and PI2.2.
• However, if data granularity provided in PI2.1 and PI2.2 is lower than PD5.2, then participants can assume that independent review documented in PD5.2 implicitly covers these 2 indicators.

In the latter case, responses will only be considered valid if reporting boundaries for both sets of indicators are equivalent. Any difference in reporting boundaries needs to be thoroughly supported by evidence and clearly explained by participants.

Scoring

Scoring is based on (1) the type of third-party review, (2) the validity of the name of the organization reported, and (3) the used verification/assurance standard, when applicable.

The reported answer options are validated based on the provided evidence, and points are contingent upon validity of the supporting evidence.

References

GRESB’s accepted assurance and verification standards based upon their aligned with CDP's Verification Guidance

RobecoSAM Corporate Sustainability Assessment 2017: 4.2.1, Direct greenhouse gas emissions

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.4 Third party assurance

Recommendations of the Task Force on Climate-Related Financial Disclosures, June 2017: Metrics and Targets- B

Requirements

Select yes or no for each property type included in the portfolio. If no data is available, select ‘no.’ If yes is selected, you will be asked to answer PI3.1, PI3.2 and PI3.3 per property type.

Intent

Consistent collection of water consumption data provides property companies and fund managers the information to monitor their environmental impact, reduce the burden on potable water consumption and wastewater systems, assess exposure to risks of disruptions in water supplies and reduce water expenditures.

The quantity of water consumed is used for reporting purposes only, while the availability (“coverage”) of water consumption data is scored. Investors use absolute data to calculate the total water consumption for their real estate investments. Data Coverage, for both Managed and Indirectly Managed assets, as well as Base building, Tenant space and Whole building, is used for scoring purposes, since this reflects the efforts taken to measure and monitor consumption data.

GRESB calculates Like-for-Like Change, used for scoring purposes, based on the data submitted for 2017 and 2018 per property type, for both Managed and Indirectly Managed assets.

Terminology

See definitions in Appendix 7a.

Requirements

If you select yes, also complete the applicable rows and fields in the table for that property type, based on whole portfolio data (Managed and Indirectly Managed assets).

The reporting rules for data coverage and Like-for-Like outlined in PI 1.1 are also applicable to PI 3.1.

Outliers: The consumption data is validated as part of the All Participant Outlier Check. If the corresponding consumption is abnormal relative to all reported data for the particular property type. Participants should be sure to explain the identified outliers before submitting the Assessment. The explanation provided for the outliers will be validated and will affect the inclusion of the data points scoring and analysis. Reasonable and clear explanations prevent the exclusion of data points identified as outliers. Outlier explanations can pertain to:

• Implemented efficiency measures
• Weather conditions
• Tenant behavior
• Other __________

The outlier validation guidance can be found in Appendix 7c.

Open text box: The content of this open text box is not used for scoring, but will be included in the Benchmark Report. Participants should use this open text box to communicate on assumptions, exclusion of Like-for-Like, etc.

Scoring

Scoring of this indicator is based on:

1. Data Coverage = 2p
2. Asset level water data reporting = 0.5p
3. Like-for-Like performance improvement = 1p

Data coverage percentages values are benchmarked against peers in the benchmarking group. Benchmarks are constructed within property type and account for whether the data was “Landlord obtained” or “Tenant obtained”, per below definitions:

• Landlord obtained data:
• Managed Assets: Base Building, Tenant Space purchased by Landlord, and Whole Building.
• Tenant obtained data:
• Managed Assets: Tenant space purchased by tenant;
• Indirectly Managed Assets: Whole building.

The benchmark attempts to further refine benchmarking groups to the regional level, but will use a global benchmarking group in case of an insufficient number of regional peers (minimum of 12). If the GRESB reporting universe does not contain a sufficient number of peers to construct a global benchmark (minimum of 12), the benchmark will use a static model with cut off points at: 25%, 50% and 75% data coverage.

The following steps are taken to assign the maximum score for data coverage values:

The scoring methodology for data coverage values: Within each benchmarking group the relevant data coverage values are split into quartiles. Each respondent is then given 25%, 50%, 75% or 100% of the maximum available points depending on whether their data coverage value is in the 1st, 2nd, 3rd or 4th quartile. The resulting scores are then aggregated to a single score using a weighted mean with floor areas as weights. The maximum available points is defined as:

• Base building: 40%*2p = 0.8p
• Tenant spaces: 60%*2p = 1.2p, divided between:
• Landlord obtained energy - weighted based on floor area Tenant Space, Energy Purchased by Landlord out of total Tenant floor area
• Tenant obtained energy - weighted based on floor area Tenant Space, Energy Purchased by Tenant out of total Tenant floor area
• Whole building: 2p

The scoring methodology for Like-for-Like data: Like-for-Like performance is scored using a methodology and approach similar to the scoring of data coverage (1, 0.5 or 0.25 points, respectively), except for that reporting a lower value (for example a negative one) which ends up in a lower quartile will always result in a higher or equal score.

Open text box: The open text box is not scored and is for reporting purposes only.

This indicator is reported and scored separately for each property type. The total score of the indicator is calculated by taking a weighted average of the scores per property type weighted by the GAV percentage allocated to each property type in RC5.1

References

EPRA Best Practices Recommendations on Sustainability Reporting 3rd version, September 2017: 5.2, Coverage

INREV Sustainability Reporting Recommendations, 3.8-3.9

LEED 2009 for Existing Buildings, WE Prerequisite 1

International Property Measurement Standard (IPMS).

SASB-Real Estate Owners, Developers & Investment Trusts, March 2016: IF0402-06; IF0402-07

Intent

Water use intensities provide an important measure of the environmental performance of an asset. These metrics can be used to track asset performance over time. Since GRESB acknowledges that there are broad regional and property type variations in how intensities are calculated. GRESB asks participants to calculate intensities using their own calculation method.

Terminology

See definitions in Appendix 7a.

Requirements

Select yes or no per property type. If you select yes, complete the table and report water use intensities based on Whole Portfolio (Managed and Indirectly Managed assets).

Participants have the option to select a baseline year. This can be any year from 2002 onwards. Complete all the fields, and be consistent in the unit of measurement used.

Participants should select the elements for which intensities are normalized (i.e. included in the intensity calculation). Floor area is not considered a normalization factor, but the denominator by default.

Note: In the case the intensities are calculated by a third party tool/methodology, make sure to select the normalization factors applied by the tool/methodology.

Examples

Units of measurement/applied denominators can differ, examples are: m2/ft2, workstations (Office), visitors per annum (Retail), number of guest-nights (Hotel), number of households (Residential).

Scoring

Scoring of intensity data input is based on:

• Data reported, yes or no.
• If yes, the number of normalization factors applied.

Percentage of portfolio covered is used for reporting purposes only and is not included in scoring.

This indicator is reported and scored separately for each property type. The total score of the indicator is calculated by taking a weighted average of the scores per property type weighted by the GAV percentage allocated to each property type in RC5.1

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.6, Normalisation

INREV Sustainability Reporting Recommendations, 3.8-3.9

Intent

Water scarcity is increasingly becoming a global issue. The reuse and recycling of water is important as it reduces economic and environmental impacts associated with water consumption. Water recycling refers to reusing treated wastewater for beneficial purposes such as industrial processes, toilet flushing and replenishing ground water basins. Water is sometimes recycled and reused on-site; for example, when an industrial facility recycles water used for cooling processes.

Terminology

See definitions in Appendix 7a.

Requirements

Select yes or no per property type. If yes, complete the table and report absolute reused and/or recycled water based on whole portfolio (Managed and Indirectly Managed assets). If no data is available or no water is reused and/or recycled, select no. Leave fields for which you do not have data blank.

GRESB automatically calculates total reused and recycled water. This is the sum of reused water on-site, plus on-site captured water or water, which is extracted on-site.

Make sure you use the correct measurement units (m3).

Percentage reused and recycled water: The percentage of the whole portfolio’s total water use that is comprised of reused and recycled water. This should be calculated based on (a) the total amount of reused and recycled water and (b) total water consumption of whole portfolio. To be able to calculate the relative use of water reuse and recycling within the portfolio, you must ensure that the coverage figure is aligned with the Data Coverage provided in table PI3.1, column C.

Scoring

The scoring of this indicator is based on: (1)On-site water reuse and recycling, and (2)Performance (percentage reused and recycled water).

This indicator is reported and scored separately for each property type. The total score of the indicator is calculated by taking a weighted average of the scores per property type weighted by the GAV percentage allocated to each property type in RC5.1

References

GRI Sustainability Reporting Standards (2016): 303-3, Water recycled and reused

Intent

Third-party review on ESG data provide investors and participants with confidence regarding the integrity and reliability of the reported information. This indicator is NOT asked per property type but inquires about review, of water consumption data across the whole portfolio.

Terminology

See definitions in Appendix 7a.

Requirements

Select yes, no or not applicable. If yes, state whether the water consumption data has been checked, verified or assured (select one option; the most detailed level of scrutiny to which the data was subject). Select the assurance/verification standard (if applicable) from the dropdown menu (see Accepted assurance schemes in the Appendices); Any "Other" standard selected from the Scheme name dropdown menu will be subject to validation.

Name of the organization: Provide the full name of the organization. You may be asked for additional information about the organization(s). It is possible to report on multiple organizations.

Evidence: Document upload is mandatory. Evidence should include:

1. Prove of the existence of the third-party water consumption data review. A clear indication that the reviewed data reflects the data reported in PI3.1, PI3.2, PI3.3.
2. A description of the type of third-party review (checked, verified, or assured), the used assurance standard (when applicable), and the name of the third-party that conducted the review.
3. Proof that the water consumption data review was performed for the underlying assets of the reporting entity.

Note:This indicator differs from PD5.2 in both granularity (level of detail) and scope:

• If data granularity required in PI3.1, PI3.2 and PI3.3 is higher than in PD5.2, participants can not assume that data review documented in PD5.2 also applies to PI3.1, PI3.2 and PI3.3.
• However, if data granularity provided in PI3.1, PI3.2 and PI3.3 is lower than PD5.2, then participants can assume that independent review documented in PD5.2 implicitly covers these 3 indicators.

In the latter case, responses will only be considered valid if reporting boundaries for both sets of indicators are equivalent. Any difference in reporting boundaries needs to be thoroughly supported by evidence and clearly explained by participants.

Scoring

Scoring is based on (1) the type of third-party review, (2) the validity of the name of the organization reported, and (3) the used assurance standard, when applicable.

The reported answer options are validated based on the provided evidence, and points are contingent upon validity of the supporting evidence.

References

GRESB’s accepted assurance and verification standards based upon their alignment with (CDP's Verification Guidance).

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017:5.4, Third party assurance

RobecoSAM Corporate Sustainability Assessment 2017: 4.2.7, Water

Requirements

Select yes or no for each property type included in the entity’s portfolio. If no data is available, select ‘no’. If yes is selected, you will be asked to answer PI4.1 per property type.

Intent

Consistent collection of waste data gives property companies and funds the information they need to monitor their environmental impact, assess their process efficiency and set targets to reduce the amount of waste produced.

Information on a portfolio’s produced hazardous and nonhazardous waste, together with disposal destinations, are valuable insights for participants to manage environmental impacts and to discover unnecessary financial burdens.

Terminology

See definitions in Appendix 7a.

Requirements

If you select yes, complete the tables for that property type, based on whole portfolio data (including both Managed and Indirectly Managed assets). Complete all the rows and fields of the table for which you have available data, making sure you use the correct measurement units (for waste weight this is metric tonnes).

1. Complete the applicable rows with waste data, based on whole portfolio data for this property type.

Absolute Measurement: This is requested only for reporting purposes, investors use this data to calculate the total waste produced on-site at their real estate investments. All available waste data for both 2017 and 2018 should be included and completed in the applicable fields (column A and B).

Percentage portfolio covered: This should be calculated based on waste data availability within the applicable reporting years (2017 and 2018). Floor area for which no waste data is available should be excluded from the total portfolio floor area of which waste is collected to derive the numerator. The denominator should be the total floor area for which waste is collected, regardless of data availability.

2. Determine the proportion of waste by disposal route, (i.e., the method by which waste is treated or disposed as a percentage of the total waste by weight during both reporting years 2017 and 2018).

Landfill: Site for the disposal of waste materials by burial and is the oldest form of waste treatment.

Incineration: Waste treatment process that involves the combustion of organic substances contained in waste materials.

Diverted (total): Waste diversion is the process of diverting waste from landfills and/or incineration.

• Diverted, Waste to Energy: Diverting waste through the process of generating energy in the form of electricity and/or heat.
• Diverted, Recycling: Diverting waste through the process of changing waste materials into new products or objects. This disposal method prevents the waste of potentially useful material, alleviates the consumption of fresh raw materials, reduces energy usage, air pollution (from incineration) and water pollution (from landfilling) by reducing the need for ‘conventional’ waste disposal. Recycling also produces lower greenhouse gas emissions as compared to plastic production.
• Diverted, Other: Other methods to divert waste.

Outliers: The consumption data is validated as part of the All Participant Outlier Check. If the corresponding consumption is abnormal relative to all reported data for the particular property type. Participants should be sure to explain the identified outliers before submitting the Assessment. The explanation provided for the outliers will be validated and will affect the inclusion of the data points scoring and analysis. Reasonable and clear explanations prevent the exclusion of data points identified as outliers. Outlier explanations can pertain to:

• Implemented efficiency measures
• Weather conditions
• Tenant behavior
• Other __________

The outlier validation guidance can be found in Appendix 7c.

Open text box: The content of this open text box is not used for scoring, but will be included in the Benchmark Report. Participants should use this open text box to communicate on any assumptions made in reporting.

Scoring

Scoring for this indicator is based on:

1. Data Coverage = 1.5p
2. Asset level waste data reporting = 0.25p
3. Proportion of waste by disposal route = 1.5p

Data coverage percentages values are benchmarked against peers in the benchmarking comparison group. Benchmarks are constructed within property type and management style (indirectly or directly managed). The benchmark attempts to further refine benchmarking groups to the regional level, but will use a global benchmarking group in case of an insufficient number of regional peers (minimum of 12). If the GRESB reporting universe does not contain a sufficient number of peers to construct a global benchmark (minimum of 12), the benchmark will use a static model with cutoff points at: 25%, 50% and 75% data coverage.

The following steps are taken for scoring at property type level:

1. Data coverage values for each combination of management and property type are placed on a bell curve (a distribution of peer group’s values).
2. Three cutoff points are applied, breaking the distribution in quartiles. Consequently, each data coverage value falls into one of the four quartiles.
3. The 1st, 2nd, 3rd or 4th quartiles receive 0.375, 0.75, 1.125 or 1.5 points, respectively.
4. The scores obtained for each data coverage value are aggregated at the property type level, using the weights of managed and indirectly managed assets.

The following steps are taken for scoring proportion of waste by disposal route:

1. The values for total percentage of “Diverted” waste is put on a bell curve and divided in four quartiles
2. The 1st, 2nd, 3rd or 4th quartile receives 0.375, 0.75, 1.125 or 1.5 points, respectively
3. Diverted waste is weighted with a higher score than incineration and landfills.

This indicator is reported and scored separately for each property type. The total score of the indicator is calculated by taking a weighted average of the scores per property type weighted by the GAV percentage allocated to each property type in RC5.1

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.2, Coverage

INREV Sustainability Reporting Recommendations, 3.10-3.11

LEED 2009 for Existing Buildings, MR Prerequisite 2

RobecoSAM Corporate Sustainability Assessment 2017: 4.2.5, Waste

Intent

Third-party review on ESG data provide investors and participants with confidence regarding the integrity and reliability of the reported information. This indicator is NOT asked per property type but asks about review of performance indicator data across the whole portfolio.

Terminology

See definitions in Appendix 7a.

Requirements

Select yes, no or not applicable. If yes, state whether the waste production data has been checked, verified or assured (select one option; the most detailed level of scrutiny to which the data was subject). Select the assurance/verification standard (if applicable) from the dropdown menu (see Accepted assurance schemes in the Appendices); Any "Other" standard selected from the Scheme name dropdown menu will be subject to validation.

Name of the organization: Provide the full name of the organization. You may be asked for additional information about the organization(s). It is possible to report on multiple organizations.

Evidence: Document upload is mandatory. Evidence should include:

1. Prove of the existence of the third-party waste data review
2. A description of the type of third-party review (checked, verified, or assured), the used assurance standard (when applicable), and the name of the third-party that conducted the review
3. Proof that the waste data review was performed for the underlying assets of the reporting entity

Note:This indicator differs from PD5.2 in both granularity (level of detail) and scope:

• If data granularity required in PI4.1 is higher than in PD5.2, participants can not assume that data review documented in PD5.2 also applies to PI4.1.
• However, if data granularity provided in PI4.1 is lower than PD5.2, then participants can assume that independent review documented in PD5.2 implicitly covers this indicator.

In the latter case, responses will only be considered valid if reporting boundaries for both sets of indicators are equivalent. Any difference in reporting boundaries needs to be thoroughly supported by evidence and clearly explained by participants.

Scoring

Scoring is based on (1) the type of third-party review, (2) the validity of the name of the organization reported, and (3) the used assurance standard, when applicable.

The reported answer options are validated based on the provided evidence, and points are contingent upon validity of the supporting evidence.

References

GRESB’s accepted assurance and verification standards based upon their alignment with CDP's Verification Guidance

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 5.4, Third party assurance

Indicator aligned with PRI Reporting Framework 2018, Direct Property, PR 09.1 and 09.2

Intent

Environmental performance targets guide organizations and their employees towards measurable improvements and are a key determinant to integrate sustainability into business operations. GRESB assesses the existence of credible targets, not the ambition level of these targets.

Terminology

See definitions in Appendix 7a.

Requirements

Select yes or no. If yes, complete the table for all applicable performance indicators (energy consumption, GHG emissions, water consumption and waste management) for the whole portfolio’s (Managed and Indirectly Managed assets) targets.

Target type: Select from the dropdown menu whether the performance indicator target is based on absolute or like-for-like data, or is intensity-based.

Baseline year: Include a baseline year. Participants have the option to select a baseline year from 2000 onwards.

End year: This is the end date for the long-term reduction targets. The end year must be 2018 or later.

2018 target: State the target for the current reporting year (see Portfolio Characteristics EC3).

Externally communicated: Select yes or no for each performance indicator target.

Other: State the other performance indicator for which you have set a long-term target. Other answers must be outside the options listed in the question, but must be related to performance indicators.

Scoring

This indicator is scored based on (1) the availability of one or more targets, each target earns 0.75 points and (2) whether an individual target is communicated externally; external communication adds an additional 0.25 points per target. Acceptable responses must include:

1. The actual long-term target
2. Baseline year
3. End year
4. 2018 Target

Open text box is not scored and is for reporting purposes only.

References

EPRA Best Practices Recommendations on Sustainability Reporting, 3rd version, September 2017: 7.9, Narrative on performance

Recommendations of the Task Force on Climate-Related Financial Disclosures June 2017: Metrics and Targets- C

(BC1.1 and BC1.2 can obtain a maximum of 12 points in total.)

Indicator aligned with PRI Reporting Framework 2018, Direct Property, PR 10

Intent

This Indicator intends to assess the entity’s use of green building certifications awarded for design, construction and/or major renovation (refurbishment). Green building certificates provide a measure of asset quality that may provide benefits for occupants, society and the environment. Building certifications also serve as an additional layer of transparency and accountability to inform investors and occupiers on the sustainability performance of an asset.

Terminology

Green building certificate: Recognition that a project has received a green building rating. A certificate indicates the name and location of the project, version of the rating system, date of certification, and level of recognition.

Green building certification for design and/or construction: Green building certificate obtained for building design, development, and structure. These building certifications affirm that individual assets were designed, developed and structured in ways that are consistent with independently developed criteria.

Level of certification: The level achieved with successful completion of the rating scheme.

Number of certified assets: The number of assets that were awarded a green building certificate before or during the reporting year (excluding pre-assessments or other unofficial forms of pre-certification).

Scheme name: The name of the certification scheme.

Standing Investments: Real estate properties where construction work has been completed and which are owned for the purpose of leasing and producing rental income. The level of occupancy is not relevant for this definition. Also known as operating buildings.

Sub-scheme name: A Green Building Certificate’s sub-category to a Scheme name used to certify a particular property type and/or to specify the type of building certificate (whether a Green Building Certificate is an Operational Green Building Certificate or a New Construction Green Building Certificate).

Time of construction: The period during which the asset was built.

Requirements

Select yes or no. If yes, complete the table with aggregate portfolio information or report the building certifications obtained through the asset-level portal.

This indicator is solely focused on the certificates obtained for building design, development and structure of standing investments. Operational green building certificates should be reported separately in BC1.2. Certifications of assets underdevelopment are reported separately in the New Construction and Major Renovation Aspect.

Note: Some certification schemes are applicable for both the building design/construction and the building operational phases, but should only be reported for the applicable phase, in the corresponding indicator. If you use the asset level portal to report your building certifications, these schemes will be aggregated towards both BC1.1 and BC1.2 because the system does not know which phase is applicable. Please check the aggregated towards both BC1.1 and BC1.2 because the system does not know which phase is applicable. Please check the aggregated numbers on the portfolio level and remove the not applicable entries.

Only report on green building certificates that were awarded before or during the reporting period. Pre-assessments or other unofficial forms of precertification are not valid.

Scheme / sub-scheme name: Select from the dropdown list. The full list is provided in the Real Estate Reference Guide Appendix 3a.

Note: If you cannot find a Scheme in the dropdown list and want to add a new scheme name and/or sub-scheme name, please contact the GRESB Helpdesk. You are also required to answer a set of additional questions about the scheme. These questions are not scored, but they are required for GRESB’s data validation process.

Number of certified assets: If an asset or a floor area is certified by more than one scheme, report all schemes on the asset level portal.

Percentage portfolio covered by floor area: The percentage of the portfolio for a specific property type for which green building certificates were obtained (excluding pre-assessments or other unofficial forms of pre- certification). Note: The denominator in this indicator is the total floor area for a property type, not the total floor area for the whole portfolio.)

Scoring

Each reported certification is validated and given one out the following four validation statuses which determine a scoring weight for each coverage percentage:

• Full Points: 1.0
• Partial(+): 0.6
• Partial(-): 0.3
• No Points: 0

Each coverage percentage is multiplied by its associated weight and then summed up to give an overall coverage percentage per property type. This coverage percentage is then benchmarked against other coverage percentages from the same property type and region. The benchmark is split into quartiles, resulting in 2.5, 5, 7.5, or 10 points.

If there is an insufficient number of entities (minimum of 12) reporting certification coverages within the combination of region and property type, then the coverage is benchmarked globally within the property type. If there is an insufficient number of reporting entities within the property type, then static cut-off points of 25%, 50% and 75% are used.

BC1.1 and BC1.2 are firstly benchmarked and scored individually. The maximum points available for BC1.1 is 10 points and the maximum points available for BC1.2 is 12 points. The two scores are then added up and capped at a maximum of 12 points.

Level of certification is for reporting purposes only and not used for scoring.

This indicator is reported and scored separately for each property type. The total score of the indicator is calculated by taking a weighted average of the scores per property type weighted by the GAV percentage allocated to each property type in RC5.1

Examples

Answer structure: BREEAM/New Construction, Very Good

Scheme name: BREEAM/New Construction

• Level of certification: Very good

Answer structure: LEED/New Construction, Gold

• Scheme name: LEED/New Construction
• Level of certification: Gold