Self-Storage REIT Public Storage Receives High GRESB Ratings for Sustainability Performance

December 2, 2022

2 Min Read
Self-Storage REIT Public Storage Receives High GRESB Ratings for Sustainability Performance

Public Storage Inc., a self-storage real estate investment trust (REIT) and third-party management firm, was named the No. 1 sustainable U.S. self-storage operator by GRESB B.V. (Global Real Estate Sustainability Benchmark), a data-services firm that issues an annual assessment of sustainability performance at real estate companies and funds worldwide. Public Storage scored 80 out of a possible 100 points, an 18% increase from last year. It was also awarded an “A” grade for public disclosure, according to a press release.

The REIT’s sustainability achievements include reducing Scope 1 emissions 9% during the last year and Scope 2 emissions 27% over the last three years, the release stated. “Scope 1 emissions are direct greenhouse [gas] (GHG) emissions that occur from sources that are controlled or owned by an organization,” according to the U.S. Environmental Protection Agency. “Scope 2 emissions are indirect GHG emissions associated with the purchase of electricity, steam, heat or cooling.”

Public Storage has also enhanced about 200 of its properties with solar power, with a goal of reaching the 1,000 mark over the next few years, officials said.

“Public Storage’s engaged and diverse team, innovative and sustainable operations, and financial fortitude are recognized with top U.S. self-storage peer group rankings across the leading sustainability benchmarks, including GRESB,” said CEO Joe Russell. “Our proactive, forward-looking strategies reflect our commitment to achieving positive environmental and social impacts while positioning the company for long-term resilience, growth and value creation.”

European affiliate Shurgard Self Storage SA received an overall GRESB score this year of 90%, giving it a five-star rating. More than 1,500 real estate companies and funds participate in the annual benchmark rating. Each receives an overall score, a comparison against its peer group and a star rating.

Based in Glendale, California, Public Storage has interests in 2,836 self-storage facilities in 40 states, with approximately 202 million net rentable square feet. It holds a 35% interest in Shurgard, which has 259 facilities in seven European countries, with approximately 14 million net rentable square feet.

Source: Business Wire, Public Storage Recognized as the U.S. Self-Storage Sustainability Leader on the GRESB Benchmark

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