Our View of Sustainability

Sustainability Relationship: 3 CirclesDefining Sustainability:  We focus on all three aspects of sustainability:  economic value, environmental impacts, and social benefit.   When we talk about sustainability, we seek to optimize all three – not as a trade-off but as an integrated Win-Win-Win.

Sustainability Context:  Today sustainability is taking on an increasing sense of urgency. Investors are concerned about sustainability-related risks and about durable value.  Quality of work life and quality of community life matter, and these are often key components of what people mean by sustainability. Stakeholders want to better understand our environmental impact.  It is within this context that we share our efforts and our intentions as we continue to move forward on our sustainability journey.

Materiality Analysis:  We talked with customers and employees, with shareholders and sustainability experts, with city leaders and industry pioneers, and they have all helped us to better understand which aspects of sustainability are specifically most material for us.  As we continue to develop our approaches to sustainability, in these careful conversations it has been clear that energy conservation at our buildings is a high priority, and that is the area where we have made the most advances.  Recycling and waste reduction are important factors for us to integrate into the operations of our buildings. Water is also increasingly a concern, highlighting the importance of all our water-saving initiatives. And finally, our stakeholders have emphasized the imperative of effectively contributing to the quality of life for our colleagues and our communities.  These key aspects of sustainability will help drive our actions as we continue to develop our approaches to the sustainability challenge.

Our Sustainability Strategy:  Our sustainability strategy is designed to achieve an integrated Win-Win-Win:  we strive to achieve (1) operational excellence and long-term financial goals ... (2) in ways that nourish our communities and employees ... (3) while improving the efficiency and cost of our natural resource consumption in connection with the operation of our buildings.  We are committed to developing and acquiring high quality assets, to operating them responsibly, and to seizing innovative opportunities whenever practicable.  At a pragmatic level, this means strategic commitments to energy efficiency, waste reduction and recycling, water conservation, cost reductions, community investments, and quality of work life.  At the highest strategic level, sustainability is a core value for us, as it has been since we first began more than 50 years ago.