VERIS RESIDENTIAL ADVANCES COMMITMENT TO ENVIRONMENTAL, SOCIAL, AND GOVERNANCE RESPONSIBILITY
Achieves Top ISS ESG QualityScore Rating for Environmental and Social Disclosures
~40% of Wholly-Owned Multifamily Portfolio is Green Certified (LEED® or equivalent)
JERSEY CITY, N.J., July 28, 2022 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE), a forward-thinking, environmentally- and socially-conscious REIT that primarily owns, operates, acquires, and develops Class A multifamily properties, today announced that it has further advanced its mission of being a responsible, sustainable, inclusive, and equitable member of the built environment while continuing to generate long-term value for shareholders.
As a result of the company's enhanced environmental, social and governance (ESG) efforts, including the introduction of new, more sustainability-focused policies at the corporate and property levels, and enriched environmental and sustainability disclosures, for June 6, 2022, Veris Residential has earned a QualityScore rating of "1" for both Environmental and Social disclosures, up from 9 and 8, respectively, since October 2020, from Institutional Shareholder Services (ISS). The ISS QualityScore measures the depth and extent of a company's ESG disclosures relative to its industry peer group and is designed to help investors monitor the ESG risks in their portfolio companies. Scores are provided on a scale from 1 to 10, with 10 being the highest risk rating.
Mahbod Nia, Chief Executive Officer of Veris Residential, said, "I am incredibly proud Veris Residential has earned sector-leading ISS ESG QualityScore ratings among our peer group from an independent third party with a data-driven scoring approach to measuring corporate environmental and social disclosures. These scores are a testament to the hard work our team has put into weaving ESG considerations into the fabric of our company. We recognize there is still much more to be done, and are excited to continue our journey toward a more sustainable future that positively impacts our properties, our people, and our planet while creating value for our shareholders."
Veris Residential today also announced that sustainability addendums to lease agreements have been signed for more than 20% of its residential portfolio, and nearly 40% of its wholly-owned multifamily portfolio is now Green Certified (LEED® or equivalent), up from 33% just two months ago, as a result of the company's 313-unit property, RiverHouse 9 at Port Imperial, earning LEED® Silver certification. Veris Residential undertook the following improvements at the property to meet certification criteria, including:
- optimized energy performance in common areas and individual metering in apartments
- installed LED lighting throughout common areas and Energy Star appliances in apartments
- ensured that more than 50% of the property's roof is planted live green to enable mitigation of heat island effects and support stormwater management best practices
- used sustainably sourced raw materials for new construction
- improved indoor air quality measures to protect the health of residents and employees, including the use of ionization technology in clean air devices installed in elevator cabs to reduce airborne contaminants
- installed electric vehicle charging stations and ample bicycle storage to promote resident use of alternative transportation and reduce greenhouse gas emissions.
In addition to RiverHouse 9, other Veris Residential properties that recently achieved Green Certification, include The Capstone, which was awarded LEED® Silver certification in January 2022, and Portside I and Portside 2, which earned Energy Star scores of 95 and 98, respectively, in April 2022.
Karen Cusmano, Senior Vice President, Head of Sustainability and ESG at Veris Residential, said, "I am pleased that Veris Residential's unwavering efforts to reduce our carbon footprint have been independently recognized by ISS, LEED® and Energy Star. Measuring and seeking to mitigate the impact our buildings and operations have on the environment is critical to the future of our company and our planet, which is why we have committed to continuing to increase green-certified buildings across our portfolio."
Veris Residential's 2021 Environmental Social Governance report, which outlines the company's plans for achieving its ESG goals, and more information on its commitment to making a positive impact, is available online here.
About Veris Residential, Inc.
Veris Residential, Inc. is a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today's residents while seeking to positively impact the communities it serves and the planet at large. The company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment. For additional information on Veris Residential, Inc. and our properties available for lease, please visit verisresidential.com.
Amanda Shpiner/Grace Cartwright
Gasthalter & Co.
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SOURCE Veris Residential, Inc.
Released July 28, 2022