Multi-State, Multi-Family Residential REIT
Reducing energy cost of national portfolio by $10 million
- A residential real estate investment trust (REIT) that owns and operates hundreds of buildings nationwide sought to boost profits and become more competitive by reducing expenses.
- With annual enterprise-wide energy costs totaling more than $100 million, they focused on strategies to reduce energy use across their portfolio.
- Senior management asked us to help them reduce those energy costs by identifying energy-saving opportunities that would have a lasting impact on their bottom line.
- The REIT’s vast geographic footprint introduced complex logistics, as we were tasked with performing site visits on the East and West Coasts, and in key cities across America’s heartland.
- We collaborated with senior management to plan and execute energy audits at scores of properties throughout the REIT’s portfolio.
- Each site visited included a comprehensive review of all energy-consuming systems, including: common area lighting; residential unit lighting; kitchen equipment; laundry facilities; domestic hot water; and, shared tenant amenities.
- We identified, analyzed, and prioritized energy-saving opportunities to provide the REIT with not only a set of individual measures for each property, but also an overarching strategy guiding them to maximize the return on their investment.
- Our recommendations, projected to reduce energy use by more than 10% on a national basis, represented annual energy cost savings of $10 million.
- In our reports, we also outlined key insights and best practices in energy management for senior management to apply throughout the REIT’s portfolio, enabling them to sustain strong performance for years after the project’s completion.
Service AreaEnergy Audits & Assessments