20 Years of Recognizing Responsible Leadership
Nareit presented the 20th Leader in the Light Awards at its REITwise: 2026 Educational Conference in Hollywood, Florida, on March 25. These prestigious awards recognize REITs that demonstrate leadership in responsible business practices that create value and positively impact communities within their portfolios and across the REIT industry.
"This year's recipients are raising expectations through clearer reporting, innovative operations, and real accountability in how they do business," said Nareit President and CEO Steven A. Wechsler. "We're proud to recognize their leadership and the results they're delivering throughout the industry."
In 2026, the awards were presented in three newly structured categories: Transparency, Operations, and Responsibility, reflecting leadership in corporate reporting and governance, property innovation and performance, and responsible business practices. Three REITs were honored in each category based on total enterprise values.
"These awards showcase the depth of work happening across the REIT industry, and this year's honorees demonstrate how that work is integrated into their core business and translates into measurable impact across their portfolios," said Jessica Long, Nareit senior vice president of environmental stewardship & sustainability.
Transparency: Setting the Standard for Communicating Sustainability
The Leader in the Light Award for Transparency recognizes REITs that provide clear and useful information to investors and demonstrate strong corporate governance.
Prologis, Inc. - 19-Time Award Recipient
Prologis, Inc. (NYSE: PLD) integrates sustainability into its core business strategy to create long-term value for stakeholders by assessing and disclosing climate risks, progress toward clear goals, and helping customers reduce emissions and costs. Prologis highlights opportunities in renewable energy and resilient design — pairing metrics with real-world examples to illustrate impact.
In a video interview at Nareit's REITwise: 2026 Educational Conference, Suzanne Fallender, vice president of global ESG at Prologis, shares how the REIT takes a data-driven approach across the business, not just for reporting out, but to make the right long-term investments for the company. “Transparency…means providing a decision-useful, clear story for our investors and other stakeholders in terms of how we create long-term value.”
Tanger Inc. - First-Time Award Recipient
At Tanger® (NYSE: SKT), a cross-functional "Our Impact" working group leads initiatives across the company and in its communities to address issues that matter most to stakeholders. The working group leads climate scenario planning, engagement with retailer sustainability programs, and data assurance readiness. The REIT completed a double materiality assessment to better understand risks and opportunities and proactively shares information with stakeholders through multimedia channels.
In a video interview at Nareit's REITwise: 2026 Educational Conference, Jessica Norman, general counsel at Tanger, discusses the importance of ensuring sustainability is integrated into day-to-day decision making at the REIT.
DiamondRock Hospitality Co. - Two-Time Award Recipient
DiamondRock Hospitality Co. (Nasdaq: DRH) creates value through transparency and regular communication with stakeholders. Its corporate responsibility committee reports to the board each quarter, and the board approves the company's environmental and social initiatives. Through stakeholder engagement, the REIT receives valuable feedback to help refine disclosures and benchmarking practices, ensuring that reporting remains responsive to stakeholder needs rather than static or compliance-focused, positioning DiamondRock to proactively meet emerging disclosure requirements and investor expectations.
In a recent interview with Nareit, DiamondRock's leadership emphasized that "investors should have a clear and consistent line of sight into how sustainability considerations are integrated into our business, how we manage related risks, and how we are performing against our objectives."
Operations Award: Innovating for Efficiency and Performance
The Leader in the Light Award for Operations recognizes REITs that run their buildings responsibly and efficiently, improving how their properties perform over time.
Host Hotels & Resorts, Inc. - Seven-Time Award Recipient
Host Hotels & Resorts, Inc. (Nasdaq: HST) uses green building standards to make properties more efficient, resilient, and healthier for guests and employees. For nearly 10 years, Host has used AI to analyze building performance data to find energy and water savings and support sustainability investments. The company conducts storm and flood risk assessments to guide resiliency improvements and invests in property and climate technology startups to access new solutions. Since 2020, Host has completed nearly 900 sustainability projects, resulting in $24 million in annual savings with average cash-on-cash returns of 13% to 20%.
In a video interview at Nareit's REITwise: 2026 Educational Conference, Michael Chang, first vice president and head of sustainability and resilience at Host, shares how AI-driven tools are helping the company continue making progress beyond “low-hanging fruit” and how the REIT views sustainability through the lens of responsible investment — as a core driver of long-term value creation rather than a separate initiative.
Hudson Pacific Properties, Inc. - Four-Time Award Recipient
Hudson Pacific Properties, Inc. (NYSE: HPP) tenants include leading tech and media companies that value sustainability and responsible business practices. Its "Better Blueprint" program guides the development and management of properties, with regular energy audits and long-term planning for improvements. Hudson Pacific has completed $1.2 billion in green financing and continues to test new technologies, such as AI-enabled waste sorting and clean power for on-location film production.
Hudson Pacific’s Senior Vice President, Innovation, Sustainability and Social Impact Natalie Teear explains, "our 'Better Blueprint' corporate responsibility program is an integral part of Hudson Pacific's long-term value creation strategy. It is grounded in our belief that leadership on sustainability and social impact aligns with our overall commitment to excellence in both our real estate portfolio and our management approach, helping us deliver high-performing assets that stand the test of time."
KBS Real Estate Investment Trust III - First-Time Award Recipient
KBS works across teams to drive innovation through forward planning, technical expertise, and data-driven decision-making.
KBS REIT III has reduced portfolio-wide greenhouse gas emissions by 12% through energy audits, efficiency upgrades, and building performance tracking. By working collaboratively, KBS tests new ideas, shares learnings, and adapts as technology and industry standards evolve.
In a recent interview with Nareit, KBS REIT III shared how the ultimate test of sustainability initiatives is measurable performance improvement. "We focus on measurable outcomes," Marc DeLuca, CEO and Regional President of the Eastern U.S., "across the portfolio, we've achieved lower energy and emissions intensity, healthier and more efficient buildings, and stronger tenant engagement."
Responsibility Award: Building Strong Communities and Workforces
The Leader in the Light Award for Responsibility honors REITs that operate responsibly and make a meaningful difference for their employees and local communities.
AvalonBay Communities, Inc. - Eight-Time Award Recipient
AvalonBay Communities, Inc. (NYSE: AVB) believes strong neighborhoods support strong residential communities. Its Building Strong Communities program supports disaster relief, affordable housing, and underserved populations, with nearly 3,000 employees across 14 regions participating. The company has significant national partnerships and local nonprofit relationships, resulting in more than 290 charitable partnerships across its markets.
In a video interview at Nareit's REITwise: 2026 Educational Conference, Scott Ballina, senior director, inclusion, diversity & community impact at AvalonBay, shares how the REIT's approach is rooted in measurable behaviors and business. Ballina explains how AvalonBay integrates workforce initiatives and community impact into a single strategic narrative that is aligned with broader business priorities – supporting thriving communities, enhancing brand reputation, and ultimately driving long-term value.
Kilroy Realty Corp. - 12-Time Award Recipient
Kilroy Realty Corp. (NYSE: KRC) has ambitious 2030 social goals that center on its people and communities, with accountability built throughout the organization. The company keeps employees engaged through regular communication and recognition programs and sets sustainability expectations with every new tenant through green leases — an approach that earned a 2024 Green Lease Leaders industry award.
In a video interview at Nareit's REITwise: 2026 Educational Conference, Sarah King, senior vice president, sustainability at Kilroy, emphasizes how “a lot of the interesting work happens when you're developing your goals,” highlighting how the process for setting the firm’s 2030 goals has built accountability and connected sustainability directly to business priorities like leasing. King shares how lease agreements that integrate energy efficiency, data transparency, and sustainability, dating back over 10 years, have strengthened tenant partnerships while improving building performance.
Veris Residential Inc. - First-Time Award Recipient
Veris Residential, Inc. (NYSE: VRE) believes strong communities and a strong workforce support a strong business. Responsible practices are built into daily operations, from hiring and purchasing to community programs. The company maintains WELL health and safety ratings across its properties and has been named a Great Place to Work four years in a row. These efforts boost employee engagement, strengthen community relationships, and improve overall performance.
In a video interview at Nareit's REITwise: 2026 Educational Conference, Anna Melhari, executive vice president and COO at Veris, discusses how responsibility has become deeply embedded in the company's operating model. "For us, responsibility is really something that's one of our core values," Melhari said. She pointed to measurable initiatives, including a commitment to maintaining a zero pay gap across employees and annual employee surveys to create feedback loops.