Miramar Capital believes that responsible investment practices, including the integration of environmental, social and governance considerations into investment and asset management decisions, can support the identification and management of risks and opportunities that may influence investment outcomes.
Miramar seeks to reduce the negative environmental impact of its real estate assets, support healthy and responsible operating practices, and conduct business with fairness, transparency and accountability. Implementation may vary by asset, jurisdiction, operational feasibility and available resources.
GRESB participation: Miramar Capital participates in the annual GRESB Real Estate Assessment as part of its ongoing effort to evaluate and communicate ESG practices to stakeholders.
Miramar incorporates ESG and responsible investing considerations into investment and decision-making processes where applicable. ESG-related considerations may be reviewed during acquisition due diligence, asset management, capital planning, compliance review and enterprise risk management activities.
| Area | Current Approach |
|---|---|
| Investment and Asset Management | ESG considerations are incorporated into investment and asset management decision-making processes where applicable. |
| Climate and Physical Risk | Physical climate risk assessments are conducted at acquisition and periodically thereafter as necessary for operational assets. Assets identified with high risk may be further evaluated and considered for property-specific mitigation planning. |
| Energy Compliance and Transition Risk | Miramar evaluates evolving energy benchmarking, audit and tune-up, and building performance standard requirements in jurisdictions where assets are located. This may include acquisition screening and periodic portfolio review for regulatory exposure. |
| Enterprise Risk Management | Enterprise risk management processes are conducted to assess business and investment risk on a regular basis. |
Miramar periodically evaluates climate-related transition risks that may impact investment performance, operational costs, tenant demand, asset valuation, financing conditions and regulatory compliance obligations. These risks may include evolving building performance standards, energy benchmarking requirements, utility cost increases, carbon reduction regulations, market preference shifts toward sustainable buildings and potential costs associated with future decarbonization initiatives.
To support informed decision-making and continuous improvement, Miramar is committed to enhancing the quality and completeness of its environmental performance data. As a near-term objective, the firm aims to increase portfolio energy data coverage, as defined by GRESB, from 33% in 2025 to 50% by 2028, where practical, through enhanced utility data collection and engagement with property managers, tenants and utility providers.
Miramar is considering the implementation of net zero standards within its operations over the next twenty-five years. Its medium-term strategy includes evaluating its current carbon footprint, reducing energy consumption through efficiency improvements, considering renewable energy sources, investing in technology and innovation that supports carbon reduction, and considering credible carbon offset programs for remaining emissions.
| Timeframe | Indicative Approach |
|---|---|
| Short-term, 1–5 years | Conduct a comprehensive carbon audit, improve portfolio energy data coverage, and begin planning for energy efficiency upgrades. |
| Medium-term, 6–10 years | Consider the feasibility of shifting to renewable energy sources and explore partnerships for technology development. |
| Long-term, 11–25 years | Implement a feasible plan in conjunction with current global standards and available resources. |
Miramar seeks to operate with fairness and transparency, guided by its Code of Ethics, fiduciary duties, compliance obligations and responsible investment practices.
Miramar intends to track ESG progress annually and report on achievements and challenges. This webpage serves as a public summary of Miramar’s ESG approach, while the ESG Policy provides additional detail on the firm’s responsible investment practices.
As data availability improves, Miramar may consider reporting additional portfolio-level metrics, such as properties benchmarked, audits completed, energy or water conservation projects implemented, tenant or resident survey activity, and climate risk assessments completed.
For additional information about Miramar Capital’s ESG policy or responsible investment practices, please contact: Peter Eichler
Miramar seeks to maintain a positive, inclusive and rewarding work environment for employees and to promote health, wellbeing and safety for stakeholders including employees, investors, residents, tenants, partners, contractors and local communities.