How to effectively communicate sustainability strategies to REIT investors and industry stakeholders was the focus during Nareit’s webinar “Speaking the Language of Sustainability.” The webinar took place on April 29 and included:
- Alexandra Cosmides, management and program analyst for the Center for Lease Policy, Technology, and Innovation in the GSA PBS National Office of Leasing;
- Leanne Meister, vice president of communications, marketing and sustainability at Healthpeak;
- Gautami Palank, Senior Vice President of ESG Strategy at Howard Hughes Corporation; And
- Dianne Wade, Head of Sustainability at CBRE Investment Management.
Jessica Long, senior vice president of environmental management and sustainability for Naret, was the host of the webinar, which was sponsored by Aspen Solar. John Lind, senior vice president of Aspen Solar, also participated in the discussion.
Both Meister and Palak said sustainability in buildings is mostly invisible, which is why it’s important for REITs to clearly explain how they operationalize sustainability.
“You’re translating a deeply technical field into storytelling, and it’s an art and a science,” Palak said. He emphasized that it is important to lead with influence because “everyone understands the consequences.” Palak also outlined three steps to successfully communicating a REIT’s sustainability work or initiative: establishing credibility, using simple language to lay out the approach, and demonstrating the impact the sustainability work will have on the building, tenant, and community. Using evidence to demonstrate.
Wade echoed Palanquin’s sentiments, particularly in the context of REITs speaking to investors and analysts. “My main advice is to be clear and concise, and if there is supporting data, please include it. We are analysts and investors. “We like data.” Furthermore, Wade emphasized that investors and analysts are not looking for perfection, but progress. “We don’t want companies to make a commitment just for the sake of making a commitment,” he said. “We want to see a well-thought-out path forward, and in terms of communicating that, having goals that are understandable and achievable are important things to us.”
Adding a unique perspective to the conversation, Cosmides discussed his work on behalf of the US General Services Administration (GSA). “Our work is driven by federal mandates,” Cosmides said. He said that when GSA communicates with government agencies about implementing programs to achieve those mandates, GSA should take into account the perspectives of different agencies. “It’s like 100 different customers have basic needs, but then different needs come up,” he said.
Cosmides talked about using events, webinars, and live and virtual trainings locally and nationally to help communicate their sustainability initiatives. He also highlighted the importance of their leasing document as their main communication medium. Government orders have “very focused, very targeted limited goals… and all of those, we translate into lease language,” Cosmides said.
Mester concluded the discussion by asking the panelists about key terms or concepts that consistently come up in their conversations with REIT investors or stakeholders. Panelists responded with action, accountability, and flexibility. He explained that stakeholders need to hear how REITs act on their goals, hold themselves accountable, and demonstrate flexibility, noting that there is no one-size-fits-all approach to achieving sustainability goals. Fit-solution is not necessary.
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