Climate Change Data

Environmental Metrics

ESG Focus Areas

• Energy and Greenhouse Gas (GHG) Emissions
• Sustainable Cities
• Health and Well-being
• Diversity, Equity & Inclusion (DE&I)
• Stakeholder Engagement

Environmental Achievements

• 2021 Scope 1 and 2 portfolio emissions were 34% below 2019 levels
• 100% of wholly owned multifamily properties procured renewable electricity
• 33% of wholly owned multifamily properties are Green Certified
• Received Logical Buildings’ 2021 Climate Community Leadership Award

Social Achievements

• Implemented company-wide DE&I training, including unconscious bias training
• Signed the CEO Action for Diversity & Inclusion pledge
• 40% female and 50% diverse workforce as of year-end 2021
• Certified as a Great Place to Work® in early 2022

Governance Achievements

• Established a dedicated ESG team
• Formalized ESG initiatives through the creation of Embrace by Veris Residential
• ESG performance linked to executive compensation and employee annual goals
• Independent whistleblower hotline launched

Climate Goals & Targets

Environmental Challenges

• Increased operating costs and supply problems due to increasing scarcity of energy resources
• Potential shifts in demand due to climate change impacting resident preferences
• Financial impacts from health, security, and safety risks
• Difficulties in recruiting employees due to lower job market attractiveness
• Impact on company performance due to lack of diversity
• Drop in productivity and high staff turnover
• Loss of business due to economic downturn
• Transition risks related to a low-carbon society
• Physical risks from more frequent and severe weather events

Mitigation Strategies

• Investing in energy efficiency to manage utility expenses and reduce environmental footprint
• Managing climate resilience through emergency response programs
• Rigorous due diligence process for acquisitions and development projects
• Energy audits to identify efficiency opportunities
• Compliance with all applicable environmental legislation
• Assessment of technical, regulatory, health, and safety risks in acquisitions
• Environmental impact assessment for greenfield/brownfield projects
• Implementing smart building technology and environmentally conscious ROI projects

Supply Chain Management

Responsible Procurement

• Supplier Code of Conduct
• Supplier screening to assess risks
• Integration of diverse suppliers

Climate-Related Risks & Opportunities

Physical Risks

• Increased occurrence and variability of extreme weather events
• Rising mean temperatures and sea levels

Transition Risks

• Increased investment in response to changing regulations
• Difficulties in accessing capital due to investor concerns

Opportunities

• Competitive advantage and enhanced reputation as an environmentally conscious landlord
• Attracting tenants and residents, increasing asset value
• Attracting investors

Reporting Standards

Frameworks Used: GRI Standards: Core option, TCFD

Certifications: WELL Health-Safety (100% wholly owned multifamily properties), LEED® (multiple properties), ENERGY STAR® (Portside I & II), WiredScore Platinum (Harborside)

Third-party Assurance: Independent third-party attest review engagement for certain environmental and social metrics

Sustainable Products & Innovation

• SOURCE® hydropanels for renewable drinking water

Awards & Recognition

• Logical Buildings’ 2021 Climate Community Leadership Award
• Great Place To Work® certification
• ORA™ Power Ranking

Environmental Metrics

ESG Focus Areas

• Energy & Greenhouse Gas (GHG) Emissions
• Sustainable Cities
• Health & Well-Being
• Diversity, Equity & Inclusion (DE&I)
• Stakeholder Engagement

Environmental Achievements

• Reduced like-for-like Scope 1 & 2 GHG emissions by 54% compared to 2019 levels.
• Reduced energy consumption by 24% over the last three years (2019-2022).
• Disclosed over 90% of operational carbon footprint.
• Increased share of Green Certified properties from 42% to 58%.

Social Achievements

• Achieved gender equality at management level ahead of the 2025 goal.
• Achieved WELL Equity Rating across the entire portfolio in 2023 (first multifamily company globally).
• Maintained Great Place to Work® certification for the second consecutive year.
• Launched ethics hotline and supplier diversity program.

Governance Achievements

• Established ESG Task Force and NESG Committee.
• Portion of executive officers' annual variable compensation linked to ESG objectives.
• Introduced a third-party operated ethics and compliance hotline.

Climate Goals & Targets

Environmental Challenges

• Increased operating costs and supply problems due to energy resource scarcity.
• Climate change impacting tenant and stakeholder demands.
• Financial impacts from health, security, and safety risks.
• Difficulties in recruiting and retaining employees.
• Lack of innovation due to low diversity.
• Loss of business due to economic downturns.

Mitigation Strategies

• Energy efficiency investments to manage utility expenses.
• Proactive response to legislative changes.
• Technology adoption for improved utility management.
• Enhanced ESG-linked amenity and service offerings.
• Continued engagement with investors and stakeholders.
• Active participation in industry groups addressing climate change.

Supply Chain Management

Supplier Audits: 100 of largest suppliers screened (representing over 70% of annual spend)

Responsible Procurement

• Supplier Code of Conduct
• Supplier Diversity Program

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events
• Rising mean temperatures and sea levels

Transition Risks

• Legislative changes
• Changing resident preferences
• Regulatory and customer demands for sustainable assets outpacing change in technology

Opportunities

• Reduced energy costs
• Competitive advantage
• Attracting tenants and investors
• Improved asset value

Reporting Standards

Frameworks Used: GRI 2016 Standards: Core option, TCFD

Certifications: LEED, ENERGY STAR, WELL Health-Safety Rating, WELL Equity Rating

Third-party Assurance: Independent third-party limited assurance engagement

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 11 (Sustainable Cities and Communities)
• Goal 13 (Climate Action)

Initiatives aligned with SDGs through energy efficiency, green building certifications, emissions reductions, and community engagement.

Sustainable Products & Innovation

• SOURCE® Hydropanels
• Veris Farms

Awards & Recognition

• GRESB 5-Star rating
• GRESB Public Disclosure rating of “A”
• Bloomberg Gender-Equality Index inclusion
• Great Place to Work® certification

Environmental Metrics

ESG Focus Areas

• Energy & Greenhouse Gas (GHG) Emissions
• Sustainable Cities
• Health & Well-Being
• Diversity, Equity & Inclusion (DEI)
• Stakeholder Engagement

Environmental Achievements

• Reduced market-based Scope 1 & 2 GHG emissions by 66% compared to 2019.
• Reduced energy consumption by 28% below 2019 levels in 2023.
• Procured 100% of operationally controlled electricity within the wholly owned multifamily portfolio from renewable sources since 2021.
• 78% of managed multifamily portfolio was Green Certified in 2023 (up from 58% in 2022).

Social Achievements

• Achieved gender equality at management level (51% female as of Dec 31, 2023).
• Increased spend with minority and/or women-owned suppliers by 20% in 2023.
• 100% of employees participated in training in 2023, including DEI and cybersecurity.
• Maintained Great Places To Work® certification, increasing score to 93 (vs. national average of 57).

Governance Achievements

• Combined Nominating and Corporate Governance Committee with ESG Committee, forming the NESG Committee.
• Portion of executive officers’ annual variable compensation linked to ESG objectives.
• 100% of employees have an individual ESG objective in their annual variable compensation.

Climate Goals & Targets

Environmental Challenges

• Increased operating costs and supply issues due to energy resource scarcity.
• Potential behavioral changes and shifts in demand due to climate change.
• Financial impacts from health risks (air/water pollution), security risks, and safety risks.
• Difficulties recruiting and retaining employees in a competitive job market.

Mitigation Strategies

• Proactive response to legislative changes.
• Improved visibility and management of utility consumption/emission data.
• Early adoption of technology for lower utility expenses and improved NOI.
• Enhanced ESG-linked amenity and service offerings.

Supply Chain Management

Supplier Audits: Annual supplier screening, vendors self-monitor and demonstrate compliance upon request.

Responsible Procurement

• Supplier Code of Conduct (2020), incorporating environmental, governance, and ethical standards.

Climate-Related Risks & Opportunities

Physical Risks

• Increased occurrence and variability of extreme weather events, rising mean temperatures and sea levels.

Transition Risks

• Evolving legislation, increased compliance costs, regulatory and customer demands for sustainable assets outpacing technology changes, energy market volatility.

Opportunities

• Increased customer demand for sustainable buildings, potential for increased returns and improved valuation.

Reporting Standards

Frameworks Used: GRI 2016 Standards: Core option, TCFD

Certifications: WELL Health-Safety Rating, WELL Equity Rating, Leading Living Wage For US Employer

Third-party Assurance: Independent third-party attest review engagement for certain environmental and social metrics.

UN Sustainable Development Goals

• Not disclosed

Targets and initiatives aligned with UN Sustainable Development Goals.

Sustainable Products & Innovation

• SOURCE® hydropanels

Awards & Recognition

• Bloomberg Global Equality Index (2023)