EMPIRE STATE REALTY TRUST: 2021 SUSTAINABILITY REPORT
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ACCOUNTING METRIC
2021 DISCLOSURE
Discussion of approach to measuring, incentivizing, and improving sustainability impacts of tenants
Tenants are a top priority at ESRT as we create healthy, productive, and sustainable built environments. The investments and adjustments to ESRT’s practices are geared toward achieving quantifiable improvements in energy efficiency, carbon emissions reductions, water efficiency, waste diversion, and healthy buildings. Annual tenant satisfaction surveys are performed portfolio-wide by a third party, in addition to engaging with tenants through townhalls and sustainability- focused education seminars, to assess property management and sustainability at ESRT. In tandem with tenants, ESRT also developed customized Tenant Sustainability Programs and initiatives and works to maintain tenant communications through in-person meetings, conversations, outreach, and emails. ESRT’s Tenants Services webpage and Tenant Sustainability Toolkit, located on ESRTs website, provides tenants with further insight into the sustainability efforts being done across the portfolio.
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CLIMATE CHANGE ADAPTATION
Area of properties located in 100-year flood zones, by property subsector Description of climate change risk exposure analysis, degree of systematic portfolio exposure, and strategies for mitigating risks
There are no Empire State Realty Trust properties located in 100-year flood zones.
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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 2021 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. These were activated in ESRT’s preparation and response to Super Storm Sandy.
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