NEWPORT BEACH, Calif. (December 12, 2024) – KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, announces that it has been recognized for its sustainability performance in the 2024 GRESB Real Estate Assessment. Each year, GRESB assesses the ESG performance of assets worldwide, providing clarity and insights to financial markets on complex sustainability topics. The GRESB Rating provides a performance measurement among participants on a global scale. In its second year participating, KBS Real Estate Investment Trust III achieved three Green Star designations, up from two stars in 2023. A three-star rating places KBS REIT III in the top-60% of all 2,223 real estate entities that participated worldwide.
The company’s annual participation in the GRESB assessment supports its ongoing commitment to ESG transparency and improved performance, according to KBS CEO and Regional President, Eastern U.S., Marc DeLuca.
“We are honored to be recognized among some of the world’s largest real estate companies. The GRESB assessment measures numerous environmental, social and governance factors. KBS will use the results to further develop its ESG program,” says DeLuca. “Improving our Green Star designation from two-to-three stars validates the progress we’re making toward our sustainability goals.”
GRESB assessed KBS REIT III’s strengths and opportunities related to ESG, including building certifications, data monitoring and review, waste, water, greenhouse gas emissions, energy, leadership, policies, reporting, risk management, stakeholder engagement, risk assessment, targets, and tenants and community. The GRESB assessment helps KBS identify areas of risk, opportunity, and impact.
DeLuca established the KBS Green Team in 2022. Led by ESG Manager, Apaulo Malloy, the team has created a comprehensive ESG policy that extends from its corporate office to the KBS REIT III properties it manages in the U.S. The team is tasked with tracking progress against its sustainability goals by reviewing and optimizing it annually. KBS recognizes that the greatest environmental impact the company can make is to reduce energy use and lower its carbon footprint. KBS REIT III set a goal of achieving a 5% greenhouse gas (GHG) emissions reduction by 2025, and with continuous monitoring and the deployment of energy reduction initiatives across its portfolio of properties, it is on track.
“In 2023, KBS dedicated time to improving and refining the way that it collects ESG data. We successfully integrated a new ESG data management platform, to monitor energy and water use, emissions, technical audits, building certifications, regulatory compliance and other relevant building projects at each of our KBS REIT IIII properties,” says Malloy. “This new platform serves as the foundation for ongoing monitoring and tracking of ESG metrics.”
The GRESB assessments are guided by what the industry considers to be material issues in the sustainability performance of asset investments and are aligned with international reporting frameworks, goals, and emerging regulations. This year’s Real Estate Assessment saw a record 2,223 listed and non-listed portfolios participate, generating a benchmark that covers $7 trillion of gross asset value (GAV) across 80 markets.
GRESB data is used by hundreds of capital providers and thousands of asset managers to benchmark investments across portfolios, and to better understand the opportunities, risks and choices to be made as the industry transitions to a more sustainable future.
“Each year, the GRESB Benchmark serves as a powerful reminder of the positive impact that focused sustainability efforts can have on our industry, as well as our communities, and beyond. We commend participants for their ongoing commitment to sustainable development,” says Sebastien Roussotte, CEO of GRESB.
About KBS
KBS is one of the largest investors of premier commercial real estate in the nation. As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of more than $45.2 billion on behalf of private and institutional investors globally. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the most successful epicenters in the country. The firm is committed in its business ethics, its business relationships, and its constant focus on exceeding the expectations of its investors, partners, and tenants. SEC registration as an investment advisor does not imply any particular level of skill or training. For more information on KBS, please visit www.kbs.com.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to KBS REIT III’ ability to invest in and manage a diverse portfolio, and the performance of the real estate markets in which the firm operates. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS REIT III’ actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
About GRESB
GRESB is a mission-driven and industry-led organization providing standardized and validated Environmental, Social, and Governance (ESG) data to financial markets. Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world, used by 150 institutional and financial investors to inform decision-making. For more information, visit GRESB.com.
