Sustainability Disclosure and Financial Performance: The Case of Private and Public Real Estate
比较了私募股权房地产基金和上市房地产投资信托基金在可持续性方面的表现，发现两者在整合可持续性方面相当，但REIT的可持续性绩效更强，且更高的可持续性披露与更好的运营绩效和估值相关。
The built environment carries an outsized environmental footprint, and aspects such as energy consumption impact the bottom line of commercial real estate (CRE) investors. A large portion of CRE assets are owned and operated by both private equity real estate (PERE) funds and listed property companies (REITs). Therefore, the extent to which these public and private entities integrate sustainability considerations into their investment and operating decisions may impact both the environmental and financial performance for the organizations as well as the environmental performance of the broader market. We provide a comprehensive analysis comparing the sustainability performance of REIT and PERE firms/funds, as well as an analysis of the relationship between sustainability and the financial performance of REITs. Results indicate that private and public CRE entities now seem on par in their integration of sustainability into firm/fund management and policies. However, the performance aspect of sustainability is stronger for REITs. Examination of REIT financial performance indicates that higher levels of sustainability disclosure are associated with enhanced operating performance and firm valuation, as well as a higher propensity for holding environmentally certified buildings.