Measurabl and the CRREM Foundation have launched the first dataset that assesses company-level climate transition risk across the global listed real estate universe, covering approximately 370 real estate investment trusts (REITs) and real estate operating companies (REOCs) in the FTSE EPRA Nareit Developed Index. This index represents roughly $1.7 trillion in market capitalization.
Addressing a Longstanding Gap in Listed Real Estate
A significant gap in listed real estate has been the ability to meaningfully assess transition risk at scale, due to limited visibility into underlying asset details and asset-level performance. The new dataset, integrated into Measurabl's ESGx Securities and ESGx Buildings products, provides estimated CRREM Misalignment Year data at the company level, enabling investors to benchmark exposure consistently across both companies and buildings through a single, connected dataset.
The addition of performance against CRREM Pathways adds a forward-looking transition risk analysis layer to the ESGx product suite. This allows investors to understand when companies may fall outside decarbonization pathways, informing underwriting, engagement, and portfolio monitoring.
Why This Matters for Investors
Assets that fall behind CRREM's science-based decarbonization pathways risk facing increasing financial pressures, including leasing constraints and higher cost of capital. However, this risk has been difficult to assess consistently across public companies. According to Andrea Palmer, CEO of the CRREM Foundation, "CRREM was designed to help investors assess transition risk systematically across diversified portfolios, but applying it consistently across REITs and public companies has been a challenge. What investors need is a clear, consistent, comparable way to assess how companies perform against science-based transition pathways. This is even more needed in public markets where buy-side investors trade within clearly defined opportunity sets."
Measurabl calculates performance against the CRREM Pathways alongside estimates for energy use, GHG exposure, green building certifications, and ordinances across 70,000 buildings within 370 publicly traded real estate companies. The dataset provides a comparable, company-level view of transition risk, helping investors understand when companies may fall outside decarbonization pathways.
Industry Response and Impact
The launch responds to demand from leading asset managers and institutional investors. Aislinn McCarry, Head of EMEA at Measurabl, stated, "Listed real estate investors need a consistent way to understand when companies may fall out of alignment with climate transition pathways—and what that could mean for future cost, risk, and valuation. ESGx Securities translates complex, asset-level performance into a clear, comparable company-level signal, helping investors benchmark exposure, inform underwriting and engagement strategies, and integrate transition risk into investment decision-making with greater confidence. We are thrilled to be partnering with CRREM to provide this step change to the industry."
The ESGx products deliver standardized, on-demand estimates for energy consumption, GHG exposure, green building certifications, and ordinances at the building level, as well as company level across the FTSE EPRA Nareit Developed Index. This new dataset marks a significant advancement in the ability to assess climate transition risk in listed real estate globally.
