Climate Change Data

American Assets Trust, Inc.

Climate Impact & Sustainability Data (2020, 2023)

Reporting Period: 2020

Environmental Metrics

Total Energy Consumption:120,941 MWh/year (2020)
Water Consumption:207,166 kgal/year (2020)

ESG Focus Areas

  • Environmental Sustainability
  • Social Responsibility
  • Governance

Environmental Achievements

  • Increased overall Global Real Estate Sustainability Benchmark (GRESB) score by 14 points.
  • Installed 171 electric vehicle charging (EVC) stations at 13 properties.
  • Installed substantial parking photovoltaic canopies and rooftop photovoltaic systems (solar arrays) at Torrey Reserve Campus and Pacific Ridge Apartments.
  • Implemented Waste-to-Energy program at The Landmark @ One Market, diverting HVAC filters from landfill and generating electricity.
  • Implemented one of the nation’s first and largest multifamily Natural Organic Recycling Machine (NORM), diverting wastewater and recycling byproducts.

Social Achievements

  • Continued Tribute to Teachers program, honoring local educators.
  • Held 394 blood drives across properties.
  • Made monetary donations to Promises2Kids and San Diego Center for Children in lieu of in-person drives.
  • Supported local organizations’ animal welfare efforts.
  • Provided sick pay to employees impacted by COVID-19.

Governance Achievements

  • Annual review and recertification of Code of Business Conduct and Ethics Policy and Insider Trading Compliance Program by all employees and board members.
  • Required vendors and contractors to comply with ethical practices and sustainability objectives.
  • Added an ESG fund focused on socially responsible investing to the 401(k) plan.

Climate Goals & Targets

Long-term Goals:
  • Increase in large capital projects specific to sustainability and committing to designing and developing low-carbon, high-performance, net-zero energy buildings.
Medium-term Goals:
  • Same-store reduction of energy use by 2%, water consumption by 5%, greenhouse gas emissions by 5%, and waste to landfill by 5%, and an increase of recycling by 5% within the next 10 years (baseline 2019).
Short-term Goals:
  • Increase data reporting coverage to 65% within four years (baseline 2019).
  • Increase ENERGY STAR certification to 5.9 million square feet within four years (baseline 2019).

Environmental Challenges

  • COVID-19 pandemic impacting business operations, employee safety, and tenant support.
  • Difficulty procuring personal protective equipment (PPE).
  • Concerns about employee emotional and mental well-being due to pandemic.
  • Reduced resources and manpower due to the COVID-19 pandemic aggravated the devastation caused by wildfires.
Mitigation Strategies
  • Transitioned to remote work and rotating schedules.
  • Implemented health and safety measures (face coverings, temperature screenings, increased hygiene).
  • Provided access to flexible health and wellness programs, including Teledocs.
  • Sourced and distributed PPE, donating some to local hospitals and organizations.
  • Increased company-wide communication and employee survey frequency.
  • Hosted virtual social events and training.
  • Provided sick pay to impacted employees.
  • Supported tenants by purchasing lunches from them.
  • Provided information on virtual volunteerism programs.

Supply Chain Management

Responsible Procurement
  • Requiring vendors to source environmentally sustainable materials and to procure materials from companies with ethical business practices.

Climate-Related Risks & Opportunities

Physical Risks
  • Wildfires
Opportunities
  • Development of energy-efficient products and renewable energy sources

Reporting Standards

Frameworks Used: GRESB

Certifications: LEED, ENERGY STAR, BREEAM

Awards & Recognition

  • NAREIT® Investor CARE Award – Silver (2019 and 2016)
  • Forbes® America’s 50 Most Trustworthy Financial Companies (2017, 2016, 2015)

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:34,400 tCO2e/year
Scope 1 Emissions:6,698 tCO2e/year
Scope 2 Emissions:27,247 tCO2e/year
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:138,182 MWh/year
Water Consumption:236,188 kgal/year
Waste Generated:7,809 tons/year
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Environmental Sustainability
  • Social Responsibility
  • Corporate Governance

Environmental Achievements

  • Installed 143 electric vehicle charging stations with 213 individual charging ports.
  • Generated 1.5M kWh of solar energy.
  • Removed 22,550 square feet of high-water usage turf and replaced it with drought-tolerant landscaping.
  • Achieved an “A” disclosure score from GRESB for the second time.
  • ENERGY STAR certified 6.2M SF and LEED certified 3.3M SF of space.

Social Achievements

  • Team members volunteered over 760 hours.
  • Donated approximately $17,000 worth of in-kind gifts to various nonprofit organizations.
  • Raised over $10,000 for the American Cancer Society's Making Strides Against Breast Cancer event.
  • Donated over $50,000 to the OUTRIGGERCares Maui Fund.
  • Planted 8,912 Legacy Trees through partnership with the Hawaiian Legacy Reforestation Initiative.

Governance Achievements

  • 100% of team members committed to the Code of Business Conduct and Insider Trading Compliance Program.
  • 0 calls or submissions to the Whistleblower Hotline.
  • Implemented robust cybersecurity policies and procedures.

Climate Goals & Targets

Long-term Goals:
  • Achieve carbon neutrality for Scope 1 and Scope 2 emissions by 2035.
  • Plant 100,000 trees.
Medium-term Goals:
  • 100% of eligible buildings to be ENERGY STAR certified annually by 2035.
  • 100% of new construction and redevelopment projects to meet LEED certification upon completion by 2035.
  • Reduce energy consumption by 10% by 2035.
  • Reduce potable water consumption by 10% by 2035.
  • Reduce Scope 1 and Scope 2 GHG emissions by 15% by 2035.
  • Increase waste diversion by 40% by 2035.
Short-term Goals:
  • Increase installed electric vehicle charging stations by 20% by 2026.

Environmental Challenges

  • Higher than anticipated water consumption in 2023 due to increased building utilization, unexpected leaks, and baseline set during a substantial tenant improvement project.
  • Waste diversion was flat in 2023 due to increased building utilization.
  • Climate-related risks including acute risks (wildfires, decreased water quality, heatwaves, natural catastrophes) and chronic risks (rising sea levels, increased temperatures, droughts).
Mitigation Strategies
  • Implementing various energy efficiency measures (building automation systems, cool roofs, LED lighting, etc.).
  • Investing in and installing onsite renewable energy (solar arrays).
  • Implementing water conservation measures (reclaimed water, irrigation systems, low-water fixtures, etc.).
  • Developing a comprehensive Emergency Action Plan (EAP).
  • Regularly assessing and mitigating climate-related risks through building improvements and proactive measures.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Vendor code of conduct policies
  • Ethical and environmentally sustainable procurement practices
  • Green contract clause in work contract templates

Climate-Related Risks & Opportunities

Physical Risks
  • Decreased air quality due to wildfires
  • Decreased water quality due to run-off contamination
  • Increased heatwaves
  • Increased natural catastrophe losses
  • Rising sea levels
  • Coastal erosion
  • Increased temperatures
  • Historical droughts
Transition Risks
  • Increased emissions-reporting obligations
  • Increased governmental mandates
  • Costs to transition to lower emission technology
  • Costs to adapt to rapidly changing technology
  • Change in team member preference
  • Negative stakeholder feedback
  • Change in customer behavior and preference
  • Uncertainty of construction material availability
Opportunities
  • Resource efficiency
  • Energy source diversification (onsite renewable energy, reclaimed water)
  • Access to new financial markets
  • Development of energy-efficient products and services

Reporting Standards

Frameworks Used: UN SDGs, TCFD

Certifications: ENERGY STAR, LEED, BREEAM, Fitwel®, Green Lease Leader – Gold Recognition

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Not disclosed

The report mentions using the UN SDGs as a framework, but doesn't specify which goals.

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Green Lease Leader – Gold Recognition
  • SCRHA Mark of Excellence Awards (multiple)
  • San Antonio Business Journal Nonprofit and Corporate Philanthropy Award