AvalonBay Communities

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

Carbon per million dollars of physical infrastructure — PP&E plus leased real-estate, including upstream and downstream leased emissions (Scope 3 categories 8 + 13). The most complete view of physical-asset carbon intensity, relevant for REITs and infrastructure-heavy firms.

• · berkeley_voluntary_registry

AvalonBay expanded its on-site solar program to 69 installations representing over 10 MW of capacity. In 2024 it activated its first resident solar project — the first of fifteen planned projects that will provide renewable electricity directly to residents. Solar deployment is cited as a key driver of the 7.7% YoY and 55%-since-2017 reduction in Scope 1 & 2 emissions intensity.

No narrative on durable removals approach in the firm's most recent reports.

• Portfolio-scale energy retrofits and efficiency capex

  AvalonBay completed a portfolio-scale decarbonization assessment to identify meaningful energy retrofit projects and prioritize sustainability capex investments across its apartment communities.

• Embodied carbon reduction via Life Cycle Assessments in development

  The company uses Life Cycle Assessments on new developments to choose construction materials with lower embodied carbon footprints, integrating embodied-carbon considerations into design decisions for new apartment communities.

• Climate integration into Asset Strategy Reviews

  Climate considerations are integrated directly into Asset Strategy Reviews, embedding sustainability into core capital-allocation and asset-management decision-making rather than treating it as a separate workstream.

• Resident utility consumption reduction

  AvalonBay educates residents on disaster preparedness and ways to reduce utility consumption, helping them save money while reducing environmental impact — addressing tenant-controlled energy use, a key dependent lever for REITs.