Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust Public Storage Inc., has received a four-star rating from GRESB B.V. (Global Real Estate Sustainability Benchmark), a data-services firm that issues an annual, international assessment of sustainability performance of property companies and real estate funds. Shurgard received an overall score of 78 percent, which was an 18-point improvement from its 2019 score and 20 points higher than the GRESB average of 58 percent, according to a press release.
Shurgard also received a 27 out of 30 and 51 out of 70 on its management and performance scores, respectively. The GRESB average management score was 26, while the average performance score was 44. “The result reflects Shurgard’s efforts over the last two years to improve our ESG (environmental, social and governance) management and performance,” Shurgard officials said.
Around 1,200 funds and companies participate in the annual benchmark rating. Each participant receives an overall score, a comparison against its peer group and a star rating. Organizations in the top 20 percent of all participants receive five stars, the release stated.
Shurgard believes its recent commitment toward zero-carbon electricity will help the company continue to improve its GRESB rating. “We are also making progress by establishing wider environmental social and governance plans across the business,” company officials said.
Shurgard operates 242 self-storage facilities comprising 1.2 million net rentable square meters. Its network serves 165,000 customers and employs 750 people.
Based in Glendale, Calif., Public Storage has interests in 2,504 self-storage facilities in 38 states, with approximately 171 million net rentable square feet. It holds a 35 percent interest in Shurgard.
Founded in 2009, GRESB offers ESG data to the capital markets. The information is used by more than 100 institutional and financial investors to monitor investments. Reported real estate and infrastructure assets in the 2020 benchmark represent about $5.3 trillion, according to the company website.
Sources:
Shurgard, Shurgard Achieves Four Star GRESB Recognition in Only Its Second Year of Participation
GRESB, GRESB 2020 Results: Infrastructure Sector Maturing Its Approach to ESG Reporting and Benchmarking
