Reflects Firm's Ongoing Commitment to Environmental Sustainability
NEW YORK, May 19, 2022 /PRNewswire/ -- W. P. Carey Inc. (W. P. Carey, NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced it has been named a 2022 Green Lease Leader by the Institution for Market Transformation (IMT) and the U.S. Department of Energy's (DOE) Better Buildings Alliance. Launched in 2014, Green Lease Leaders sets national standards for what constitutes a green lease, while recognizing landlords and tenants who modernize their leases to spur collaborative action on energy efficiency, cost-savings, air quality and sustainability in buildings.
W. P. Carey achieved GOLD recognition for green leasing, which requires the establishment of foundational policies and practices that encourage reduced energy and water consumption in leased spaces. To receive this recognition, W. P. Carey qualified for credits in energy efficiency and sustainability best practices such as utility data tracking and sharing, cost recovery for capital improvements and sustainability training.
Brooks Gordon, Head of Asset Management, W. P. Carey, said: "We are honored to be among the first net lease REITs to receive the Green Lease Leader recognition at the GOLD level. By incorporating green leasing into our standard lease form, we're able to improve utility data collection, providing additional visibility into the power consumption and carbon footprint of our portfolio, which then enables us to better partner with our tenants on sustainability projects. We remain intensely focused on improving the sustainability of our portfolio and look forward to continuing to build on our green leasing efforts."
In 2021, W. P. Carey executed eight green leases, which include cost recovery clauses for energy efficiency upgrades, the ability to install on-site renewable energy, annual tenant disclosure of environmental metrics and required minimum energy efficiency fit-out guidelines. In addition to green leasing, W. P. Carey had several other sustainability accomplishments in 2021, including:
- Issuing its inaugural green bond with all $350 million of proceeds earmarked for green projects
- Initiating a tenant energy management program and collecting electricity usage data from tenants representing approximately 25% of annualized base rent
- Investing over 10% of its 2021 investment volume in green-certified buildings
- Receiving the first BREEAM In-Use Very Good certification for a life science building in the U.S.
For more information on W. P. Carey's broader ESG strategy, view our newly published 2021 ESG Report.
W. P. Carey Inc.
W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $22 billion and a diversified portfolio of operationally critical commercial real estate that includes 1,336 net lease properties covering approximately 157 million square feet as of March 31, 2022. For nearly five decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net leases with built-in rent escalators. Its portfolio is located primarily in the U.S. and Northern and Western Europe and is well-diversified by tenant, property type, geographic location and tenant industry.
This press release may contain forward-looking statements within the meaning of U.S. Federal securities laws. A number of factors could cause W. P. Carey's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate, including the continuing impact of the COVID-19 pandemic; the supply of and demand for commercial properties; interest rate levels; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact W. P. Carey, reference is made to its filings with the U.S. Securities and Exchange Commission.
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SOURCE W. P. Carey Inc.