Environmental
We are committed to being a net lease leader in environmental sustainability over the long term.
Our Commitment to Sustainability
As a net lease REIT most of our properties are leased on a triple-net basis, whereby tenants are responsible for day-to-day operations, including energy usage and sustainability practices. Despite our lack of direct control, we strive to lead the net lease industry in environmental sustainability by taking a proactive and transparent approach to quantifying and reducing our global carbon footprint
Our Primary Sustainability Objectives
Implementing technology to build and deploy scalable systems to collect and analyze tenant emissions data, which allow us to quantify our global carbon footprint and set long-term carbon reduction target
Systematically engaging in tenant outreach and partnerships
Executing sustainability projects that reduce our carbon footprint, including renewable energy opportunities, building energy retrofits and green-building certifications
Our Emissions Reduction Target
Established a near-term reduction target for our Scope 1 and Scope 2 emissions
- Target: 34% reduction in absolute Scope 1 and 2 market-based greenhouse gas emissions by 2028 from a 2023 base year¹
- Aligned with the Paris Agreement and the Science Based Targets initiative ("SBTi")
¹ We expect to achieve our target primarily through the purchase of unbundled, verifiable renewable energy certificates (RECs) or international equivalents, in conjunction with RECs generated from projects within our portfolio.
Our Portfolio
Portfolio data as of September 30, 2024
¹ For a building to be considered “green-certified” under our investment criteria, it must at a minimum be certified by LEED, BREEAM or a similarly recognized organization or certification process. LEED™—an acronym for Leadership in Energy and Environmental Design™—and its related logo are trademarks owned by the U.S. Green Building Council and are used with permission. Learn more at www.usgbc.org/LEED. BREEAM is a registered trademark of BRE (the Building Research Establishment Ltd. Community Trade Mark E5778551). The BREEAM marks, logos and symbols are the Copyright of BRE and are reproduced by permission.
CareySolar®
Solar panels, which allow buildings to generate their own electricity, are particularly beneficial for industrial real estate, where energy costs can be a significant expense for tenants. The installation of solar panels allows tenants to minimize their carbon footprint and contribute to the wider goal of reducing greenhouse gas emissions.
Tenant Engagement
W. P. Carey has always taken a proactive approach to managing our portfolio, with our Asset Management department structured around tenant relationships. As a result, the team develops long-term relationships with tenant management teams, providing a direct and ongoing dialogue about the tenant’s business, including sustainability.
Sustainability Projects
Our sustainability projects fall within three key areas: renewable energy opportunities, building energy retrofits and opportunities and green-building certifications.
We believe that improving the quality and sustainability of our assets increases renewal probabilities, deepens tenant relationships and increases the overall value of our portfolio. Sustainable buildings reduce tenant operating costs and are more likely to attract high-quality tenants and drive higher rents.
Case Studies
Upfield
$25 million in build-to-suit financing for portfolio company's state-of-the-art, BREEAM Outstanding R&D facility.
Terran Orbital
Sustainable redevelopment of outdated portfolio asset into state-of-the-art, sustainable industrial facility in Irvine, CA.