Commitment to Sustainability
As an owner of commercial real estate, FSP recognizes its opportunity to have a beneficial impact on the environment. We believe that focusing on sustainability issues enhances stockholder value by reducing operating costs and increasing tenant satisfaction, while also aiding to mitigate regulatory risk. FSP endeavours to make prudent decisions regarding capital and operating expenditures in order to maximize the value of our assets and reduce their needed environmental resources.
For the third consecutive year, FSP was awarded Green Star designation by the Global Real Estate Sustainability Benchmark (GRESB®). GRESB is an internationally recognized organization that assesses the ESG (environmental, governance, and social) performance of real estate assets.
In addition to GRESB, other measures that the Company uses to track its progress in sustainability are the EPA's ENERGY STAR program and the U.S. Green Building Council's Leadership in Energy and Environmental Design (LEED®) rating system. Over 80% of our portfolio, (as measured by rentable square feet), has earned the EPA's ENERGY STAR label, denoting that the energy performance is in the top 25%. The LEED rating system goes beyond building level energy to also include important sustainability variables such as water and indoor air quality. Over half of the rentable square footage in our portfolio, either owned or asset-managed by FSP, has been awarded LEED certification under one of the LEED rating systems.
In the coming year, FSP looks forward to continuing its sustainability efforts in the areas where we believe that we can have the greatest environmental and asset value impact.