2025 CORPORATE IMPACT REPORT
Building on a formal ESG program in place since 2013, we set a Climate Action Plan in 2020 that defined clear 2025 targets — and we delivered. Anchored by a 72% intensity-based reduction in landlord-controlled carbon emissions, achieved without offsets and in alignment with our fiduciary responsibility, and built on over a decade of execution, collaboration, and value creation across our global portfolio.3
Intensity-based carbon reduction vs. 2020 baseline3
On-site solar installed or under development since inception
Fitwel-certified properties
(211 more in progress)2
Invested across 52 public-private partnership assets since inception
As of December 31, 2025
Maintain Resilient Portfolios
Every initiative was evaluated against a consistent investment lens, ensuring that decarbonization and value creation advanced together rather than in tension. The first principle was accretive value: initiatives were prioritized where they were expected to deliver measurable Net Operating Income (NOI) uplift and a positive impact on asset valuation. The second was financial neutrality:
solutions had to scale at cost-neutral economics with execution-ready pathways, so progress could continue without trading off against fund performance. The third was risk mitigation: capital was most often directed toward investments that reduced material regulatory and expense risk, protecting long-term value as the policy and energy landscape continued to evolve.
Delivering on Our Carbon Commitment
In 2020, Harrison Street set a target to reduce landlord-controlled Scope 1 and Scope 2 intensity-based emissions by 70% from a 2020 baseline by 2025. Five years later, the firm delivered a 72% reduction.
Achieved through disciplined execution across the portfolio. Asset dispositions over the hold period did not materially influence the result — the progress reflects genuine operational performance.
Total emissions intensity reduction from 2021–2025 by strategy, shown as a percentage.
Waterfall segments sum to the 72% firmwide intensity-based reduction. Carbon and efficiency metrics cover all HSREC funds reporting to GRESB.
About
Goal: Reduce energy intensity by 15%
Achieved in 2022.
Goal: Assess 100% of assets for climate risk exposure
All investments assessed at acquisition and monitored under management.
Goal: Enhance recruiting and retention to attract and retain a diverse workforce
Ongoing initiative monitored internally.
Goal: 200 Fitwel Certifications
115 properties certified over the last five years, with 211 in progress 2
Goal: Increase on-site renewable energy to 25 MW
26.1 MW of real estate on-site solar installed or under development since inception
Goal: Reduce GHG Emissions Intensity by 70%
Firmwide intensity-based carbon reduction from a 2020 baseline 3
Our firmwide ESG goals, established in 2021 with a target horizon of 2025, have now been successfully achieved. These outcomes reflect sustained progress across our platform and the integration of ESG into our investment approach. Building on this foundation, our next phase will focus on defining fund-level ESG priorities and targets, tailored to the specific risks, asset classes, and geographies of each investment strategy.
Detailed Metrics
The highlights above summarize the year’s headline results. The full indicator set below is retained for transparency. For further details on results metrics, please see the Corporate Impact Report.
| Metric | Result (Year) | Reported Context |
|---|---|---|
| Scope 1 & 2 (market-based) emissions intensity | 72% reduction vs 2020 | Exceeded the 70% target by two percentage points |
| Carbon offsets used | 0 (none) | Reduction delivered without offsets, in alignment with fiduciary responsibility |
| On-site renewable energy capacity | 26.1 MW | Installed / under development since inception (target: 25 MW) |
| Asset utility contracts moved to renewables | 120+ | Largest single contributor to the reduction |
| Corporate total energy consumption | 281 MWh (2025) | 100% renewable purchased electricity |
| Corporate net operational emissions | 0 tCO2e (2025) | After reductions & compensations |
| Corporate office floor area certified (green or healthy) | 92% of m² (2025) | Green or healthy building certification |
Carbon and efficiency metrics cover all HSREC funds reporting to GRESB. Corporate operations metrics cover July 1, 2024 – June 30, 2025.
| Metric | Result (Year) | Reported Context |
|---|---|---|
| Fitwel-certified properties | 115 | 23+ million sq ft of certified healthy space; 211 more in progress |
| Fitwel Best in Building Health recognition | 6 consecutive years | Best Certifications of All Time |
| Public-private partnership investment | $1.8B / 52 assets | Since inception |
| Total employees | 294 (2025) | Up from 279 in 2024 |
| Total workforce female or minority | 53% (2025) | — |
| Employees receiving regular performance reviews | 100% (2025) | Annual performance & career review |
| Paid parental leave | 16 weeks | Or more, based on local requirements |
| Metric | Result (Year) | Reported Context |
|---|---|---|
| Assets under management | $55B | As of Dec 31, 2025 (HSREC scope) |
| ESG-related non-compliance, fines, or sanctions | 0 (2025) | None incurred in the reporting period |
| Substantiated customer data-privacy complaints | 0 (2025) | None made in the reporting period |
| IFRS S2 (TCFD) signatory since | 2019 | UN PRI signatory since 2020 |
| Most recent materiality assessment | 2023 | Conducted every three years |
Embed Leading Risk & Governance Procedures
Energy, GHG, water, and waste data presented in the report received independent limited assurance from Lucideon under the ISO 14064-3:2019 standard, with a 5% materiality threshold established and met. The carbon-reduction goal itself was not assured. The goal covers landlord-controlled Scope 1 and Scope 2 (market-based) emissions against a 2020 baseline and excludes tenant-controlled areas and the Multifamily, Life Science, Build-to-Rent, and Data Center sectors. Unless otherwise noted, all information is as of December 31, 2025. The carbon-reduction goal itself was not assured. The goal covers landlord-controlled Scope 1 and Scope 2 (market-based) emissions against a 2020 baseline and excludes tenant-controlled areas and the Multifamily, Life Science, Build-to-Rent, and Data Center sectors. The Fitwel Best in Building Health Award was won by Harrison Street Asset Management (“HSAM”) based on the calendar year 2025. HSAM paid no fees in exchange for the award, but certification and registration fees are assessed for projects seeking a Fitwel score/certification. Please see Corporate Impact Report pg. 33 for additional disclaimers and pg. 34 for full assurance statement and disclosures.
1 The boundary of the carbon and efficiency metrics reported
herein encompasses all HSREC funds reporting to GRESB, which are listed in
the external assurance letter in the appendix.
2 The
Fitwel certification counts include Harrison Street’s corporate office in
addition to assets owned by HSREC Funds.
3 Goal covers
landlord-controlled carbon emissions. Please see the assurance statement
in the appendix and disclaimer on goal boundary and calculation
methodology on pg. 33 of the Corporate Impact Report.
Explore the complete results, methodology, and disclosures across our global real estate and infrastructure portfolio
