Veris Residential, a Jersey City-based, Class A multifamily REIT released its 2024 Sustainability Report.
Following the divestiture of the company’s office portfolio, with its final office asset sold in March 2024, this marks the first Sustainability Report reflecting almost exclusively its multifamily portfolio performance.
Key highlights from the report:
- Designated as a 2024 Global Real Estate Sustainability Benchmark (GRESB) Regional Listed Sector Leader with third-consecutive 5 Star Rating, achieving the highest listed multifamily residential score in the United States and third highest worldwide
- Received Nareit’s Mid Cap Diversity Impact Award and several distinctions from the International WELL Building Institute, including the Equity Leadership Award and WELL Concept Leadership Award for Innovation
- Earned Green Certifications (LEED or equivalent) across 79% of managed multifamily portfolio
- Secured new $500 million revolving credit facility and term loan package with Sustainability KPI provisions, earning a 5-basis-point margin reduction through successful target achievement
- Began implementing an approximately $825,000 solar project at Portside II, expected to deliver mid-teens IRR and a six-year payback period following installation in early 2026
- Maintained Great Place to Work® certification with score rising to 93 out of 100
- Sustained Scope 1 & 2 emissions performance at 58% below 2019 levels, with energy consumption down 13% from baseline
Veris CEO Mahbod Nia explained the sustainability efforts.
“In 2024, our strategic investments in sustainability continued to generate measurable returns, strengthening our competitive position in the multifamily market,” he said. “Having achieved our ambitious 2030 carbon reduction goals eight years ahead of schedule in 2022, we continue to maintain our leadership position with Scope 1 & 2 emissions now 58% below 2019 levels and energy consumption down 13%.”
Veris Residential’s full 2024 Sustainability Report is available here.
