Benchmark Report

Introduction

Participation & GRESB Score

The GRESB Score is an absolute measure of the entity’s sustainability performance, out of 100 points. The Participation & Score timeline shows the entity’s GRESB Score across previous assessment years, highlighting its historical performance trend.

GRESB Rating

The GRESB Rating is based on the GRESB Score and its quintile position relative to all participants in the GRESB Assessment, with annual calibration of the model. If the entity is placed in the top quintile, it will be a GRESB 5 Star-rated entity; if it ranks in the bottom quintile, it will be a GRESB 1 Star-rated entity.

Peer Comparison

GRESB assigns each participant to a pre-defined peer group to contextualize their assessment results.

Peer groups do not influence the GRESB Score, Star Rating, or points achieved, but help to put the GRESB Score into perspective relative to similar peers.

They are based on the entity’s legal status, investment style, property type, and geographical location.

To ensure participant anonymity, GRESB will only create a peer group once there are at least six participants with similar characteristics (the participant and five other peers). If there are insufficient entities to create a peer group at the most granular level, the system will execute a series of trials that decrease in specificity.

GRESB carries out each entity’s peer group assignment process individually, meaning each entity’s peer group is uniquely its own. For example, while Entity A might have Entity B in its peer group, the reverse is not always true; Entity B might not have Entity A in its peer group.

Note: Peer groups are distinct from benchmark groups. Whereas benchmark groups refer generally to collections of entities, which vary based on context, GRESB creates one predefined peer group per entity using a standardized methodology.

See here for more information about GRESB’s predefined peer group allocation process.

Rankings

In addition to the peer comparison, GRESB provides a broad range of additional rankings by comparing participants’ scores against various benchmark groups based on:

• How entities perform within a specific region (e.g., Europe).

This approach aligns with the comparative nature of the Benchmark Report and helps contextualize scores by comparing them against participants with similar geographic criteria.

In some cases, one or more of the ranking badges may be greyed out. This happens when there are not enough entities in that respective ranking category.

GRESB Model

The GRESB Model is an interactive chart that displays the GRESB Scores of all entities that submitted the Management and Performance Component. The four lines represent the star rating cutoffs, indicating where each entity falls within the relative quintiles.

Hovering over the stars above the graph reveals the score ranges corresponding to each star rating. Entity names remain confidential, unless the participant opted to disclose their name and score to other participants. By opting to disclose its score, that entity gains access to the names and scores of other participants who also chose to share this information.

The sum of all indicator scores (on the right-hand side) totals 100 points. The Management Component accounts for 30 points, while the Performance Component contribute 70 points.

Entities that obtain at least half of the points in each relevant component will receive the Green Star designation.

GRESB Average, Benchmark Average, & Peer Average

The GRESB Lender Average is the average score of all entities with a GRESB Score in the GRESB Universe.

The Peer Average is the average score of all entities within one’s peer group, which are shown in the Entity and Peer Characteristics section.

Sustainability Breakdown

Each indicator is allocated to one of the three dimensions (E- Environmental; S- Social; G- Governance):

• Environmental indicators are related to actions and efficiency measures undertaken in order to monitor and decrease the environmental footprint of the portfolio.

• Social indicators are related to the entity’s relationship with and impact on its stakeholders and the direct social impact of its activities.

• Governance indicators are related to the governance of environmental, financial, and operational sustainability policies, procedures, and approaches to sustainability at the entity level.

Trend

The trend graph shows the entity’s score progression across each year of participation. It also includes historical performance metrics such as the GRESB Range (i.e., lowest and highest scores achieved) and average scores for the GRESB Universe and peer group.

The graph will highlight the entity’s Grace Period year (if any) to indicate its participation status, but will not reveal the entity’s performance that year. If the entity opted into the Grace Period in the previous reporting year, this section does not include a score or rating change between the current and previous year.

Aspects, Strengths, & Opportunities

The Aspects, Strengths, & Opportunities rose graph is an interactive tool that shows how the entity’s performance in each aspect (e.g., Reporting, Risk Management) compares to that of its benchmark group for the current and previous reporting year.

It provides a high-level overview of which areas the entity performs well in and which it could improve upon. This can help readers of the Benchmark Report direct their attention before delving further into the entity’s underlying results.

Score Summary

The Score Summary section details the number of points the entity earned per Aspect (e.g., Leadership) and per indicator. The maximum points and their weight within the Management Component are listed alongside each Aspect title.

This section also reveals the entity’s score relative to the Management Component benchmark on an indicator-by-indicator basis. This can help with identifying more precise improvement opportunities.

The benchmark characteristics are displayed above the table. For confidentiality reasons, GRESB cannot disclose the benchmark constituents’ names.

GRESB cannot disclose the benchmark constituents’ entity names for confidentiality reasons.

Benchmark groups like this one contextualize the performance of entity-level indicators through the Benchmark Report and do not impact the scoring output. The interactive Benchmark Distribution graph on the right side of the table reveals the entity’s score per Aspect compared to the GRESB Universe and Peer Group Average. The grey bars represent the distribution of entities within the corresponding benchmark group.

Entity & Peer Group Characteristics

This section provides an overview of the entity, pre-defined peer group. Publicly listed peers are identified by entity name in this section, while private (non-listed) peers are shown only under the fund manager's name for privacy purposes. Parentheses next to the fund manager's name indicate the number of non-listed peer constituents held by that fund.

Key aspects to note:

• Publicly listed peers are identified by entity name in this section, while private (non-listed) peers are shown using only the fund manager's name for privacy purposes. 

• For non-listed peer groups, parentheses next to the fund manager's name indicate the number of non-listed peer group constituents held by that fund manager.