INTRODUCTION
ESG OBJECTIVES AND STRATEGY
ENVIRONMENTAL
SOCIAL
GOVERNANCE
APPENDICES
3
It is a pleasure and a privilege for us to share our 2022 Sustainability Report and present another year of achievement, leadership, and commitment to our shareholders, tenants, team, and community. ESRT’s goals are to lease space, sell tickets to the Empire State Building Observatory, maintain our balance sheet, and achieve our sustainability goals…all to build value for investors. Our focus on the creation and preservation of value requires attention to our bottom line through logical, balanced leadership and execution in ESG to deliver on our goals over the near, medium, and long terms. ESRT continues to lead by example in environmental stewardship and healthy building performance. Everything we do is with focus on bottom line results. We define objectives, determine the economic outcomes, execute, and measure and verify. ESRT has always eschewed soft targets. We received target validation with the Science Based Targets Initiative (SBTi) that our emissions reduction target is aligned with SBTi’s most stringent 1.5°C trajectory. With our expansion into residential property in 2021 and 2022, we begin our work to improve sustainability and environmental performance in a new asset category with the same values and standards to report and disclose transparently. Each decision we confront expands our proven process to make decisions based on data and science and deliver measurable returns on investment (ROI). As of January 2022, we achieved carbon neutrality across our entire commercial portfolio, 1 an important step toward our ultimate target of net zero emissions at the Empire State Building by 2030 and across our commercial portfolio by 2035. In April 2022, we published the Empire Building Playbook: An Owner’s Guide to Low Carbon Retrofits (the Playbook) in partnership with the New York State Energy Research and Development Authority (NYSERDA) and supported by the Clinton Global Initiative. The Playbook provides a roadmap for building landlords to reduce the carbon emissions of high-rise buildings in alignment with Local Law 97 (LL97) and New York State’s Climate Leadership and Community Protection Act (CLCPA) through replication of the technical and economic approaches used at the Empire State Building. As the first commercial portfolio in the Americas to achieve and maintain the WELL Health- Safety Rating across 100% of our portfolio and one of the first to have our rating renewed twice, we are dedicated to the advancement of scientifically validated approaches to healthy
buildings and indoor environmental quality (IEQ) to boost tenant and employee well-being. We continue to pilot new and innovative IEQ technologies to position our assets to exceed global IEQ health and wellness standards. We drive inclusion and accountability with safety and respect for every ESRT community member. Our goals for diversity in our workplace and for our suppliers, recognition by the Bloomberg Gender-Equality Index, and commitment to the United Nations Global Compact and Women’s Empowerment Principles demonstrate that we can address concerns of today while at the same time maintain accountability for our bottom line. Our corporate and union colleague engagement has never been higher. Our business environment has not gotten easier. ESRT continues to perform, set new objectives, and achieve them, and do all of this with focus on our goals. We hope you enjoy your read of this report as much as we enjoy the challenge and accomplishment it represents.
Onward and upward.
Anthony E. Malkin Chairman, President, and CEO
Dana Robbins Schneider SVP, Director of Energy, Sustainability, and ESG
1 Commercial portfolio includes our office and retail assets, but not our multifamily assets.
EMPIRE STATE REALTY TRUST: 2022 SUSTAINABILITY REPORT
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