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SECTORS / GICS-601010

Real Estate & REITs · Real Estate Investment Trusts

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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
12
Phase 1 cohort
With SBTi target
0/ 12
0% coverage
Median operational intensity
518.85tCO2e / $m OpEx
from 8 firms · USD-normalised
Reporting years
2020–2026
latest disclosed per firm
SBTi coverage
0%of 12 firms

Where this sector sits globally

Median operational intensity (Carbon / USDm OpEx) per sector · log scale · click any dot to switch
9 sectors · this sector 518.8
10
100
1.0k
10k
100k
1.0M
Real Estate & REITs (n=8) · 518.85
← cleanest: Consulting (25.2)dirtiest: Utilities — Electricity (309.8k) →
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.

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 173.63 · IQR 153.55199.63 · years 20222025
0.00
130
259
389
518
648
777
907
median 173.63

Operational intensity

Carbon / USDm OpEx
n=8 · median 518.85 · IQR 207.341282.10 · years 20202025
0.00
357
713
1.1k
1.4k
1.8k
2.1k
2.5k
median 518.85

Economic intensity

Carbon / USDm EVIC
n=4 · median 19.31 · IQR 15.6624.29 · years 20202024
0.00
5.7
11
17
23
29
34
40
median 19.31

Asset intensity

Carbon / USDm PP&E + leased
n=8 · median 64.80 · IQR 39.14168.35 · years 20202025
0.00
1.5k
3.1k
4.6k
6.1k
7.7k
9.2k
11k
median 64.80

Asset intensity (full)

Carbon / USDm PP&E + leased S3
n=2 · median 8817.27 · IQR 8626.969007.57 · years 20202024
0.00
1.4k
2.9k
4.3k
5.8k
7.2k
8.7k
10k
median 8817.27

Companies · 12 firms

+ Add company
RVB IDCompanyTickerSubtypeHQRevenueOperationalEconomicAssetAsset (full)Sources
RVBA-AVBAvalonBay CommunitiesAVBResidentialUnited States162.582268.8423.10
SBTiCDPReport
RVBA-BLNDBritish LandBLNDDiversifiedUnited Kingdom189.50985.3236.459769.378436.66
SBTiCDPReport
RVBA-BAMBrookfield Asset ManagementBAMAsset ManagementCanada
SBTiCDPReport
RVBA-CCICrown CastleCCISpecialtyUnited States303.9843.25
SBTiCDPReport
RVBA-DLNDerwent LondonDLNOfficeUnited Kingdom68.36710.36407.85
SBTiCDPReport
RVBA-EQIXEquinixEQIXSpecialtyUnited States184.67224.1820.2486.32
SBTiCDPReport
RVBA-LANDLandsecLANDDiversifiedUnited Kingdom203.012172.43
SBTiCDPReport
RVBA-PLDPrologisPLDIndustrialUnited States824.30
SBTiCDPReport
RVBA-PSAPublic StoragePSAIndustrialUnited States
SBTiCDPReport
RVBA-SGROSEGROSGROIndustrialUnited Kingdom4.8822.9988.519197.88
SBTiCDPReport
RVBA-SPGSimon Property GroupSPGRetailUnited States157.58327.347.5043.28
SBTiCDPReport
RVBA-WELLWelltowerWELLHealthcare FacilitiesUnited States152.21156.8418.3726.83
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.