Energy Efficiency Measures
Self-storage facilities are inherently resilient and have low environmental impacts relative to other industries and asset classes due to low energy and water utilization and minimal customer and employee traffic on-site. However, we work to further reduce our environmental impact through:
- Sustainable Construction & Design: All facilities in the Life Storage portfolio must meet a rigorous set of internally developed energy efficiency standards.
- Policies & Procedures: We have instituted policies and procedures to minimize our environmental impact while simultaneously promoting responsible operating practices.
We integrate sustainability into the day-to-day operations of all Life Storage facilities. Highlights include:
- Regular assessment of our portfolio's vulnerability to climate change-related risks:
- Only two of our wholly owned stores are below sea level, representing less than 0.5% of our portfolio.
- Availability of lower-environmental impact packing materials:
- Boxes made from approximately 53% recycled content, certified by the Sustainable Forestry Initiative.
- Significantly reduced paper usage through more efficient technology platforms:
- From 2018 to 2020, the average per-store paper consumption decreased 63%.
- Despite nearly 21% growth in the number of stores, our gross paper expense shrank by over 27%.
- Extensive, cloud-based 99-point check of all utility bills to identify damaged and underperforming HVAC units, assess the integrity and energy performance of our exterior building shell, and other leaks or energy wastes.
- In addition to compliance with our Vendor Code of Conduct, evaluation of vendors & suppliers considers sustainable practices and product offerings.
Life Storage is a silver member of the U.S. Green Building Council (USGBC®). The USGBC® developed the Leadership in Energy and Environmental Design (LEED) green building rating system.
Climate Change Awareness
Life Storage takes seriously the risk of climate change. That is why we are committed to monitoring and mitigating the risks to our assets, as well as to reducing our emissions. Life Storage is in the process of adopting the guidance of the Task Force on Climate-related Financial Disclosures (TCFD), weighing climate change risks across four key areas:
Ultimate oversight for sustainability and climate-related topics lies with the Board of Directors. Our Environmental, Social and Governance Committee, which is led by our Senior Vice President of Strategic Planning and Investor Relations and reports to our Chief Executive Officer, is in charge of assessing and addressing climate-related business risks and opportunities.
"Our Environmental, Social and Governance committee actively assesses our exposure to climate-related risks and opportunities." We closely monitor the impact of our portfolio and energy efficiency. Further, we continuously invest in renewable energy and track our clean energy generation.
The primary risk we face from climate change is physical risk from extreme weather. We do evaluate the business opportunity from renewable energy incentives and the falling price of renewables to install renewable energy at our facilities. As we use minimal energy and water, direct or indirect regulatory and resource availability issues are not significant concerns for current or future operations.
- Risk Management
At an enterprise level, risks including those related to climate and other environmental and resource-related risks (e.g. energy, climate, water, infrastructure) are within the scope of the relevant environmental and construction teams. These risks include those related to the physical, economic, and business continuity impacts that could arise as a result of climate change. As discussed in our Environmental section, we have taken a number of steps to minimize our energy and water usage, as well as consider physical risks in our construction process.