LCOR is firmly committed to its intrinsic and societal responsibility of minimizing the environmental impacts resulting from the development and operation of our communities.
We believe that being good stewards of the environment and our communities lays the groundwork for our continued responsible growth and financial success. Aligned with our philosophy of building “best-in-class” properties that deliver lasting value, we have integrated environmental, social, and governance (ESG) principles and objectives into all aspects of our core business strategy by formalizing our enterprise-wide ESG strategy in 2022.
Environmential
LCOR is committed to minimizing its contribution to climate change and transitioning to a lower carbon future by reducing the environmental impacts of its new developments and standing investments. To achieve these objectives, we have adopted an environmental management system (EMS) aligned with ISO 14001 to manage and reduce the overall environmental impacts from our new development projects and operational assets.
Social
At LCOR, we strive to foster a diverse culture of inclusiveness, creating environments where all are welcome and can succeed and thrive. We take pride in being good stewards of the communities where we live, work, and serve by designing sustainable communities that promote health and well-being and by supporting the communities where we operate.
Governance
Strong corporate governance is critical for long-term value creation, transparency, and accountability to our stakeholders. We are committed to governing our organization with the highest level of integrity and ethical standards. LCOR is governed by a Management Committee comprised of internal, external, and independent directors. Our Board oversees our overall strategic planning process, including the implementation and effectiveness of LCOR’s ESG Strategy.
A message from the CEO:
Our ESG journey began over a decade ago with the integration of innovative sustainable construction techniques and technologies into our properties, supporting our philosophy of building best in class properties that deliver lasting value. In 2017, we established subcommittees that were tasked with setting and executing our ESG objectives and advancing coworker engagement. To establish an accurate benchmark of our ESG performance, we partnered with industry experts to create an ESG platform aligned with industry standards and best practices.
Building on this momentum, we formalized a holistic ESG Strategy in 2022 and set long-term goals that outline a path of continuous growth and improvement. Recent ESG initiatives championed include:
100% energy & water performance benchmarked in ENERGY STAR
ESG data managed in Measurabl
ESG strategy aligned with leading frameworks through breea partnership
Achieved Green Star in GRESB (Global Real Estate Sustainability Benchmark) survey
Set 10-year goals for energy, GHG emissions, water, & waste reduction
New developments built to minimum LEED standards
Three recent developments also Fitwel certified
Committed to RET Ventures for tech solutions across portfolio.
Designed geothermal systems for 1515 Surf and New Rochelle to cut carbon emissions.
Used BIM and life cycle analyses to reduce embodied carbon in new developments.
Expanded Employee Wellness Program for holistic support.
Improved climate resiliency planning based on latest science.
Set up DEI Subcommittee to drive diversity efforts.
Supported community organizations tackling social issues.
As we look ahead, we will continue to raise the bar and advance our ESG program as we face new opportunities and challenges in the transition to a lower carbon future. We are proud of our progress and look forward to building on our achievements in 2024 and the years ahead. On behalf of our organization, thank you for the continued support and trust you place in LCOR as we continually strive to achieve our collective goals and become a more resilient organization.
Anthony Barsanti
Chief Executive Officer
2022 Environmental, Social, and Governance Report
Review the full report here.
Recent ESG Initiative Highlights
Sustainability in Construction
In 2023, we expanded our ESG Standard for New Developments to include detailed guidance for our development teams and partners to ensure we consistently design sustainable and resilient communities aligned with our corporate ESG objectives.
Many of our communities have obtained or are working towards Fitwel certification to show our dedication to health and wellness. Fitwel is an international building standard that encourages healthier work and living spaces to enhance the well-being and productivity of those who use them. Created by the U.S. Centers for Disease Control (CDC) and General Services Administration (GSA) and now administered by the Center for Active Design (CfAD), Fitwel offers a research-based approach to designing and managing healthy buildings. As the Fitwel standard develops, we will keep using the framework to create communities that enhance our residents' health and overall quality of life.
All development projects are designed to LEED Building Design & Construction (BD+C) standards to ensure minimum design and operational standards adherence. We are incorporating large geothermal heating and cooling systems into three new development projects in the NYC metropolitan area.
Sustainability in Operations
The transition from construction to operations is a crucial step in operating an efficient and healthy building. Following this transition, we continually monitor energy and water usage, perform annual on-site energy- and water-efficiency evaluations, and evaluate equipment upgrades for more efficient options. This is all done with the goal of reducing greenhouse gas emissions. LCOR tracks and reports its emissions from activities such as burning natural gas and fuel oil on-site for heating and backup power (Scope 1), as well as the electricity and heating/cooling produced off-site by local utilities (Scope 2). Going forward, we will endeavor to measure emissions related to resident energy use, construction projects, and our supply chain (Scope 3), while staying aware of changes in GHG reporting frameworks.
Certification highlights
As part of our broader ESG strategy, LCOR pursues a green and/or healthy building certification at all development projects to valid our commitment to environmental performance and health and well-being. All new communities are designed and constructed to LEED Building Design & Construction (BD+C) or equivalent standards to ensure adherence to minimum environmental standards. Since 2012, LCOR has achieved LEED certification for 11 development projects, Fitwel certification for 5 development projects, and are currently pursuing additional certifications (i.e., LEED, Fitwel, WELL) for various projects currently under development.
Case Study – 1515 Surf, Coney Island, NY
LCOR is dedicated to being environmentally friendly. At the 1515 Surf Avenue construction site in Coney Island, we are building a 463-unit residential development. We are partnering with EcoSave USA to install a geothermal heating and cooling system, which we received a grant for through the NYSERDA pilot program. The geothermal system will use heat from the earth to heat and cool the buildings and provide hot water. It will be the largest in New York, reducing greenhouse gas emissions by 60% compared to traditional systems. This will help the community meet future emissions standards in New York City.
LCOR is committed to providing affordable housing with 139 units for people of all income levels. The community is conveniently located near the beach and the Coney Island-Stillwell Avenue transit station, making it perfect for those who want an active and healthy lifestyle. Residents will enjoy low utility costs, an outdoor pool with an ocean view, a fitness center, lounges, co-working spaces, and indoor basketball and handball courts. The community will also have a "Vertical Boardwalk" that overlooks the beach, with social spaces and gardens that bring the community together. Construction of the project will be finished in 2024.
Supporting Local Communities & Urban Alliance
We take great pride in our commitment to being good stewards of the communities where we live, work, and serve. From partnerships with local charities and volunteer organizations to expanding affordable housing opportunities, LCOR strives to support diverse and vibrant communities where all can thrive. We encourage our coworkers to support our communities and to seek opportunities to make a difference in the lives of others. In 2023, our team supported a variety of community organizations focused on key social issues like food inequality, senior care, childhood poverty, cancer prevention and cures, homelessness,
and affordable housing.
Since 2019, LCOR has partnered with Urban Alliance on their Property Management Pathway Program. Focused on workforce development, the program introduces local youth from communities of color to upwardly-mobile, living wage careers within the real estate industry. From dressing professionally to filing a maintenance report, the program provides real-word experience for students transitioning into part- or full-time work after graduation.
