SECTORS / GICS-601010

Real Estate & REITs · Real Estate Investment Trusts

REITs hold the physical assets they rent out — so PP&E and the leased Scope 3 categories (cat 8 + cat 13) dominate their carbon footprint. EVIC matters too because investors size REIT exposure by capital deployed, not revenue.

Companies tracked

Phase 1 cohort

With SBTi target

0/ 12

0% coverage

Median operational intensity

380.64tCO2e / $m OpEx

from 8 firms · USD-normalised

Reporting years

2020–2026

latest disclosed per firm

SBTi coverage

of 12 firms

Where this sector sits globally

Median operational intensity (Carbon / USDm OpEx) per sector · log scale · click any dot to switch

8 sectors · this sector 380.6

100

1.0k

10k

↑ Real Estate & REITs (n=8) · 380.64

← cleanest: Consulting (29.6)dirtiest: Real Estate Services (2.4k) →

Key carbon drivers

Tenant energy use
Tenant electricity, heating, cooling — typically 60-80% of the REIT's total carbon footprint.
Scope 3 · cat 13 (downstream leased)
Landlord-controlled energy
Common-area lighting, central plant, district heating, gas and grid electricity under landlord control.
Scope 1 + 2
Embodied carbon (new build / refurb)
Concrete, steel, glass in development pipelines and major refurbishments. Front-loaded — lock-in for decades.
Scope 3 · cat 2 (capital goods)
Construction supply chain
If the REIT is a developer: contractors, materials, professional services for build-outs.
Scope 3 · cat 1

Scope references follow the GHG Protocol Corporate Standard + Scope 3 Standard.

Reference transition plan

SBTi Buildings + CRREM + GRESB

SBTi has a buildings-specific 1.5°C-aligned pathway. CRREM (Carbon Risk Real Estate Monitor) sets operational decarbonisation benchmarks per asset type and country. GRESB is the de facto investor disclosure standard.

Reference ↗Full pathway →

Methodology

MethodologyWhy PP&E + leased S3, not revenue, for REITs

A REIT's revenue is rent. The carbon comes from the buildings — owned (PP&E) and leased (Scope 3 cat 8 + 13). Per-revenue ratios miss the point because two REITs with identical assets but different rent yields would look very different.

Sector benchmarks · headline intensities

Per-company latest year · USD-normalised at 12-month average rates · snapshot 2026-05-05

12 firms in cohort

Each strip shows where every firm in the cohort sits on one intensity axis. Lower is better — left of the strip is best, right is worst. Each peer dot tooltips its value and the year it came from. Financial denominators are converted to USD before computing so cross-currency comparisons are apples-to-apples.

Revenue intensity

Carbon / USDm revenue

n=10 · median 221.18 · IQR 168.10–644.08 · years 2021–2025

0.00

371

742

1.1k

1.5k

1.9k

2.2k

2.6k

median 221.18

Operational intensity

Carbon / USDm OpEx

n=8 · median 380.64 · IQR 235.41–1090.16 · years 2021–2024

0.00

589

1.2k

1.8k

2.4k

2.9k

3.5k

4.1k

median 380.64

Economic intensity

Carbon / USDm EVIC

n=8 · median 20.77 · IQR 16.91–48.34 · years 2021–2024

0.00

121

151

181

212

median 20.77

Asset intensity

Carbon / USDm PP&E + leased

n=10 · median 2009.91 · IQR 650.09–4083.71 · years 2021–2025

0.00

1.6k

3.2k

4.7k

6.3k

7.9k

9.5k

11k

median 2009.91

Asset intensity (full)

Carbon / USDm PP&E + leased S3

n=0

no firms in this cohort have the inputs needed for this intensity

Companies · 12 firms

+ Add company

RVB ID	Company	Ticker	Subtype	HQ	Revenue	Operational	Economic	Asset	Asset (full)	Sources
RVBA-AVB	AvalonBay Communities	AVB	Residential	United States	162.58	239.16	12.92	1802.54	—	SBTiCDPReport
RVBA-BLND	British Land	BLND	Diversified	United Kingdom	857.49	656.44	119.39	10074.62	—	SBTiCDPReport
RVBA-BAM	Brookfield Asset Management	BAM	Asset Management	Canada	—	—	—	—	—	SBTiCDPReport
RVBA-CCI	Crown Castle	CCI	Specialty	United States	234.12	354.38	22.38	57.59	—	SBTiCDPReport
RVBA-DLN	Derwent London	DLN	Office	United Kingdom	68.36	—	—	407.85	—	SBTiCDPReport
RVBA-EQIX	Equinix	EQIX	Specialty	United States	184.67	224.18	16.57	70.40	—	SBTiCDPReport
RVBA-LAND	Landsec	LAND	Diversified	United Kingdom	2359.32	3747.31	192.31	6197.34	—	SBTiCDPReport
RVBA-PLD	Prologis	PLD	Industrial	United States	780.01	2391.33	24.65	3468.86	—	SBTiCDPReport
RVBA-PSA	Public Storage	PSA	Industrial	United States	—	—	—	—	—	SBTiCDPReport
RVBA-SGRO	SEGRO	SGRO	Industrial	United Kingdom	236.29	—	—	4288.67	—	SBTiCDPReport
RVBA-SPG	Simon Property Group	SPG	Retail	United States	208.23	406.90	17.03	2217.27	—	SBTiCDPReport
RVBA-WELL	Welltower	WELL	Healthcare Facilities	United States	154.43	177.34	19.15	1376.81	—	SBTiCDPReport

Reference carbon factors · Real Estate & REITs

Authoritative benchmark factors curated from published sources. Citation-anchored · pre-pilot vintage · refreshed manually as new releases land.

Below sit every reference factor relevant to a real estate & reits firm. Use these as starting points when you need to estimate emissions for a category the cohort doesn't disclose, or to spot-check disclosed figures against the consensus range. Each value is anchored to the published source — click any source slug to open the citation.

No carbon-factor reference set built yet for Real Estate & REITs.

Sectors currently populated: management consultancy, cloud infrastructure, marketing & advertising, IT hardware laptops, agriculture (tea / dairy / eggs). To add a sector, map the procurement category inweb/src/lib/carbon-factors/procurement-to-industry.ts.