Shorenstein Publishes 2023 ESG Report and Highlights Industry-Leading Achievements

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Jun 21, 2023, 08:00 ET

SAN FRANCISCO, June 21, 2023 /PRNewswire/ -- Shorenstein Properties, LLC ("Shorenstein"), an owner and operator of high-quality office, residential, and mixed-use properties across the U.S., today announced the release of its 2023 Environmental, Social and Governance (ESG) Report.

"Shorenstein is committed to our ESG and sustainability initiatives – and our stakeholders – by fostering sustainable, healthy, and progressive business environments and practices. We made great strides on this front in 2022, including our pledges to United Nations Principles of Responsible Investing and Urban Land Institute's Greenprint Net Zero Carbon Commitment, which further exemplify the integration of ESG principles into our business decisions and investment strategy. We are excited to build on our ongoing momentum outlined in this year's report and the opportunities for further leadership and continued progress in the commercial real estate industry," said Brandon Shorenstein, Chairman and CEO of Shorenstein.

Notable highlights of Shorenstein's 2023 ESG Report include:

Committed to global citizenship and collective impact: Shorenstein made commitments further aligning the company's intentions and actions towards a more sustainable future trajectory, including:

Became a United Nations Principles of Responsible Investing signatory.
Pledged to Urban Land Institute's Greenprint Net Zero Carbon Commitment, including initiatives to:
Reduce portfolio-wide greenhouse gas emissions (on an intensity basis) by 50% by 2030; and
Achieve net zero carbon operations by 2050.
Reported under the United Nations Sustainable Development Goals and the Global Reporting Initiative Standards frameworks, demonstrating Shorenstein's commitment to continually seek better, more efficient ways to operate its buildings.

Continued its foundational sustainability practices, including:

Participated in GRESB reporting, which defines the global standard for sustainability performance in assets and provides standardized and validated ESG data. Shorenstein scored 84 out of 100 points in the 2022 Global Real Estate Sustainability Benchmark (GRESB) Standing Investments submittal, continuing to be a leader among its peer group.
Further invested toward LEED certifications and efficiency upgrades throughout the portfolio.
100% of the operating portfolio is benchmarked on ENERGY STAR Portfolio Manager, the majority of those with ENERGY STAR Score targets.
Maintained its Gold level designation with Green Lease Leaders, which recognizes building owners who are effectively using the lease to drive energy and environmental savings in commercial buildings.

Prioritized tenant health, safety, and wellness: Shorenstein conducted processes and procedures that garnered a WELL Health-Safety Rating (WELL HSR) achievement at all 22 properties that applied for the rating, exemplifying the Shorenstein Property Management Teams' robust commitment to maintaining healthy environments.
Achieved notable portfolio-level milestones: Shorenstein also highlighted numerous ESG achievements within its nationwide portfolio. The report features select portfolio examples where Shorenstein's long-term, integrated ESG and sustainability-focused dedication has had a measurable impact on the buildings and surrounding communities.

Shorenstein's Fountainhead Office Plaza was awarded as a BOMA 360 Performance designee. The prestigious program, sponsored by BOMA International, evaluates buildings against industry best practices. In addition, the property was awarded LEED Certification, a WELL Health-Safety Rating, and ENERGY STAR certification.

Continued to foster an empowering, diverse workplace: Shorenstein increased the presence of its Diversity, Equity, and Inclusion (DEI) and ESG committees through internal initiatives, including inaugural DEI Internship and new Volunteer Program.

To read the full report and see how Shorenstein continues to improve ESG performance, visit the Company's ESG page.

About Shorenstein Properties LLC
Founded in 1960, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. More information is available at www.shorenstein.com.

Contact
Jon Keehner / Woomi Yun / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449

SOURCE Shorenstein Properties LLC