Thomas Properties Group Ranks #1 in Environmental Performance among Public Real Estate Companies in North America
Company took #11 spot globally in sustainability benchmark survey
LOS ANGELES, Sep 07, 2011 (BUSINESS WIRE) -- Thomas Properties Group Inc. (NASDAQ:TPGI), a leader in sustainable and green building practices in the commercial real estate industry, has been ranked North America's number one public real estate company in environmental performance in the recently released Global Real Estate Sustainability Benchmark (GRESB) survey.
"We are gratified to have achieved this important ranking which recognizes our company's long commitment to sustainable practices across our property portfolio. Thomas Properties Group has a comprehensive program to achieve the highest performance from our buildings which lowers operating costs, saves energy and resources and reduces harmful emissions," said James A. Thomas, chairman and CEO, Thomas Properties Group.
The GRESB is an initiative of some of the world's largest institutional investors with the stated goal of increasing transparency in environmental and social practices in the property sector. Among the GRESB Foundation's members are many of the leading pension asset managers in the world representing more than $1.7 trillion in aggregate assets under management. The GRESB 2011 research report is based on a global survey of 340 of the world's largest real estate companies. The survey focuses on key environmental performance indicators such as energy and water consumption, waste and greenhouse gas emissions. Participants reported data at the portfolio level for 2009 and 2010 which were used to measure improvements in key performance indicators.
Thomas Properties Group is committed to having 100 percent of its eligible buildings Energy Star Labeled and LEED certified by 2012. The company was an early adopter of sustainable initiatives at its properties beginning in 1989. In 1990 it developed the Cal/EPA headquarters which became the first LEED EB Platinum certified highrise in the United States and in 2010 the company earned LEED Gold for City National Plaza, a 38-year-old twin-tower complex in downtown Los Angeles with 2.5 million square feet of office and retail space. City National Plaza is one of the largest and oldest properties to earn LEED Gold. Since then the company has LEED certified over 10 million square feet of office space with the LEED EB O&M program.
"By improving our buildings we make them a more attractive location choice for businesses. We also work closely with our tenants to understand and incorporate green programs in their office management which has proven to be an appreciated added value of being in a TPG building," noted Thomas.
About the GRESB Foundation
The GRESB Foundation, an initiative of some of the world's largest institutional investors (representing $1.7 trillion in assets under management), leading academics and industry bodies, provides a science-based sustainability benchmark for commercial property portfolios; a tool with which institutional investors can start a dialogue on social and environmental issues with their real estate managers.
About Thomas Properties Group
Thomas Properties Group, Inc., based in Los Angeles, is a full-service real estate company that owns, acquires, develops and manages primarily office, as well as mixed-use properties on a nationwide basis. The company's primary areas of focus are the acquisition and ownership of premier properties, both on a consolidated basis and through its strategic joint ventures, property development and redevelopment, and property management and leasing activities. For more information about Thomas Properties Group, Inc., visit http://www.tpgre.com.
Forward Looking Statements
Statements made in this press release that are not historical may contain forward-looking statements. Although TPGI believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Factors that could cause actual results to differ materially from TPGI's expectations include actual and perceived trends in various national and economic conditions that affect global and regional markets for commercial real estate services, including interest rates, the availability of credit and equity investors to finance commercial real estate transactions, our ability to enter into or renew leases at favorable rates, which can be impacted by the financial condition of our tenants, risks associated with the success of our development and property redevelopment projects, general volatility in the securities and credit markets, and the impact of tax laws affecting real estate. For a discussion of some of the factors that may cause our results to differ from management's expectations, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations - Factors That May Influence Future Results of Operations" in our 10-K for the year ended December 31, 2010, and contained in our reports on Form 10-Q for fiscal quarters during 2011, which have been filed with the SEC. TPGI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Thomas Properties Group Inc.
Thomas Properties Group
Karen Diehl, 310-473-8090
Investor relations contact:
Thomas Properties Group
Diana Laing, Chief Financial Officer