Energy
Target: Reduce by 20% from 2017 baseline
Environmental
Energizing
Places to Transform
We are a solutions-driven business, and we bring that spirit to our environmental commitments. From implementing efficiencies in a data-driven, measurable, and fiscally responsible way at existing properties to enabling sustainable living and working from the start at new developments, we seek to achieve and maintain excellent building performance.
2023 Progress1
Reduction from baseline
17.8%
Progress to 2027 target
89%
GHG Emissions
Target: Reduce by 20% from 2017 baseline
Reduction from baseline
9.3%
Progress to 2027 target
47%
Water
Target: Reduce by 20% from 2017 baseline
Reduction from baseline
2.9%
Progress to 2027 target
14%
Waste
Target: 50% diversion rate
2023 diversion rate
27%
Progress to 2027 target
54%
Produced just over 1M kWh of renewable energy
Installed LEDs at 9 residential and 13 industrial properties
Saved over 27M kGal of water
Collected 840 pounds of e-waste
181 electric vehicle (EV) charging ports installed
Awards
In 2023, GID earned the prestigious ENERGY STAR Partner of the Year Award. Currently, 108 of our properties have one or more green or healthy building certifications or energy ratings.
Leveraging Data to Reduce Our Impact
We have achieved 100% water data coverage for our multifamily assets and have made significant improvements in data coverage for other metrics. For example, our largest multifamily fund is reporting coverage of 95% for energy and GHG emissions and 96% for waste data coverage.
Using the latest property technology (proptech) developments, we work with companies providing innovative solutions, including Turntide® (motor operation), Parity (remote heating, ventilation, and air conditioning (HVAC) optimization), Banyan Water® (smart irrigation), Redaptive (electricity use at industrial properties), and ChargePoint (Electric Vehicle charging station, electricity consumption, GHG emissions avoidance).
We worked with proptech company Logical Buildings®, to install its comprehensive smart building software system called SmartKit AI®, which enables us to reduce annual energy costs and lower carbon emissions. We have installed SmartKit AI in 27 multifamily assets across our portfolio, with 18 installations completed in 2023.
At The Ashley in New York City, we have implemented GridRewards®, a real-time energy data and reduction app. Users can earn cash payments by decreasing their electricity expenditure at key times throughout the summer and can also learn how to cut usage year-round.
Saving Energy with New Technology
Outdated technology can increase energy consumption and reduce the efficacy of our sustainability initiatives. In 2023, we worked to update obsolete installations, upgrading to LEDs at 9 residential and 13 industrial properties, which are projected to reduce energy use.
To enhance the efficiency of HVAC systems, we use a real-time dashboard at many of our properties that allows site teams to monitor energy use throughout the building. This supports reduced energy consumption and utility spend in high-use places like fitness centers and common areas. From projects installed to date, we have seen energy savings of over 1.5 million kWh.
In our new industrial developments, we use white roofs to provide indoor thermal comfort and lower energy costs. When replacing roofs, existing facilities are also outfitted with white roofs.
Finally, we have solar energy systems installed at five of our multifamily residential properties, solar hot water heaters at two properties, and are evaluating our solar options at additional industrial and multifamily properties.
Reducing Our Water Consumption
We installed low-flow plumbing fixtures in baths and kitchens during renovations, providing water savings combined with high performance.
To monitor and control irrigation water usage, we installed smart irrigation systems at 19 properties, with plans to install them at an additional 14 properties in 2024. We are pleased to report that smart irrigation systems have saved 34.6 million gallons of water so far.
In southern and drought-prone regions, we are employing xeriscaping methods when properties require relandscaping. Xeriscaping is a landscaping approach that prioritizes water conservation while maintaining a pleasant aesthetic.
Making Trash Smarter
All our properties provide recycling facilities, including appropriate recycling containers located in well-lit, easy-to-access areas with clear, instructive signage.
We aim to reduce electronic waste (e-waste). E-waste often contains heavy metals that pose a danger if handled improperly. If processed responsibly, these metals can be reclaimed from old equipment and reused. In 2023, 840 pounds of e-waste were collected from The Aldyn and the Ashley via two pickups.
Waste hauling is a fossil fuel-intensive process, with garbage trucks reportedly being some of the least fuel-efficient vehicles on the road. We are piloting a data-driven monitoring solution through Waste Management®. This Compactor Monitoring Service tracks and transmits compactor information and calculates when the unit will need emptying based on a pre-determined weight target. At 10 sites, use of the service eliminated 116 hauls in 2023 preventing over 5.97 metric tons of CO₂ emissions and is expected to save over $50,000 per year in hauling fees.
Encouraging Greener Travel
At our residential properties, we have added 181 EV charging ports, bringing our total to 724. In 2024, we will add a further 586 ports. We are continuing our successful partnerships with ChargePoint (EV charging station manufacturer and platform provider), Rexel Energy Solutions (equipment specialist), and SitelogIQ® (program coordinator and installer).
Sourcing Responsibly
Where possible, we utilize products with smaller carbon footprints, such as Interface® carbon-neutral flooring. In 2023, we installed over 236,000 square feet of Interface carbon-neutral flooring, bringing a total of 783,000 square feet of carbon-neutral flooring installed across our multifamily portfolio. This has resulted in the retirement of 642 metric tons of CO₂, or the equivalent of the electricity use of 121 households for one year.
Explore ESG at GID
Footnotes
- Unless otherwise noted, data coverage refers to 2023 calendar year data for the investment vehicles reported by GID to the 2023 GRESB Real Estate Assessment, excluding assets under construction.