Sustainability is an issue of growing importance in the commercial real estate industry, and Real Estate Investment Trusts (REITs) lead the industry in implementing technologies and business practices that conserve energy, water and other important resources. The National Association of Real Estate Investment Trusts (NAREIT) recognized the REIT industry's leading companies in the area of sustainability over the past 12 months - the winners of its annual Leader in the Light Awards.
The Leader in the Light Awards are presented to NAREIT member REITs that have implemented sustainability programs that have produced significant, measurable results. The awards are presented to U.S. equity REITs in seven property sectors: retail; residential; office; industrial; health care; diversified and lodging/resorts. A global award also is presented for non-U.S. companies. Additionally, a special recognition award is presented to one company that has demonstrated significant improvement in sustainability achievement since the previous year's competition.
This year's award winners are:
Retail: The Macerich Company
Residential: Campus Crest Communities, Inc.
Office: Kilroy Realty Corporation
Industrial: Prologis
Health Care: Ventas, Inc.
Diversified: Vornado Realty Trust
Lodging/Resorts: Host Hotels & Resorts, Inc.
Global: British Land Company PLC
Special Recognition: Boston Properties
"Sustainability is critical to any business today," said Sheldon Groner, NAREIT's executive vice president for finance and operations. "REITs recognize the clear business benefits of investing in sustainability, and the achievements of these nine companies exemplify the industry's commitment to innovation in this area."
NAREIT has been presenting the Leader in the Light awards since 2005. In 2012, the organization modified its judging criteria to include the results of the Global Real Estate Sustainability Benchmark (GRESB) Annual Survey. GRESB's Annual Survey measures the environmental performance of property portfolios around the world. The annual survey results are closely watched by many of the world's largest institutional investors, whose investment decisions increasingly are influenced by their own commitment to sustainability.
Incorporating the GRESB survey results into the Leader in the Light judging criteria has enabled the companies competing in Leader in the Light to measure their performance against a global benchmark.
This year's Leader in the Light Awards submissions were evaluated by a panel of four judges: David Stanford of Real Foundations, Maria Vargas of the U.S. Department of Energy, Mark Vorreuter of Cornell University and Nils Kok of GRESB.
The Leader in the Light Awards were presented at REITWorld 2014, NAREIT's Annual Convention for All Things REIT held in Atlanta.