APPENDICES
INTRODUCTION
SUSTAINABILITY OBJECTIVES AND STRATEGY
ENVIRONMENTAL
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
CLIMATE CHANGE RESILIENCE IF-RE-450a.2 Description of climate change
ESRT evaluates exposure to physical climate risks for standing investments and new acquisitions during the due diligence process. ESRT is committed to the identification of climate related risks, minimization of risks through mitigation strategies, and providing a return on investment and through reductions of the economic impacts of climate change across the portfolio. ESRT has developed a Climate Change Adaptation and Resilience policy and Climate Change Risk Assessment Checklist to complete for every property during the due diligence process as well as for standing investments. This assessment includes physical risks such as power interruption, flooding, heatwaves, hurricanes, winter storms, and regulatory risks. ESRT’s climate change asset level requirements include conducting comprehensive risk assessments to identify relevant climate change risks, analyzing climate change risks and their potential impacts, and developing operational plans with guidelines considering flooding, windstorm/hurricanes, and freeze/winter storms. In 2024 an Enterprise Risk Assessment was performed by ESRT’s internal auditor in conjunction with ESRT’s Senior Management Team. The risk assessment program identified mitigation strategies which ESRT currently has in place, including: a formal disaster recovery plan and business continuity plan that has been communicated to employees and tested, disaster recovery, and business continuity through multiple insurers which diversifies the risk basis.
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2024 SUSTAINABILITY REPORT
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