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Sustainability And Esg Indicators Reported By Publicly Traded Reits In Europe €“ A Close Look At Carbon Intensity

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  • Ivo Kolchev

    (Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski)

Abstract

The article analyzes trends in carbon intensity at large-capitalization real estate investment trusts (REITs) in Europe. The author’s company sample consists of the twenty largest components of the FTSE EPRA/NAREIT Developed Europe ex UK Dividend+ Index. The analysis of carbon intensity is based on kilogram CO2 emissions per m², with a focus on operational carbon rather than embodied carbon. Sectors with high carbon intensity are healthcare and residential, while retail and office tend to have lower carbon intensity. Real-time sensors, renewable energy, and carbon offsetting are used to reduce carbon intensity. The extent to which these measures are used determines the carbon intensity of a given company, as my research found that companies operating the same type of real estate can have an eightfold difference in carbon intensity. Nevertheless, across the property sectors I examined there was broad improvement (reduction) in carbon intensity in 2022 relative to 2021.

Suggested Citation

  • Ivo Kolchev, 2025. "Sustainability And Esg Indicators Reported By Publicly Traded Reits In Europe €“ A Close Look At Carbon Intensity," Yearbook of the Faculty of Economics and Business Administration, Sofia University, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria, vol. 24(1), pages 141-149, August.
    • Handle: RePEc:sko:yrbook:v:24:y:2025:i:1:p:141-149
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    JEL classification:

    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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