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The section below shows the environmental key figures – broken down into key figures for the portfolio – for development/new construction, for business operations, for renewable energy and for the carbon footprint. You can find explanations of the content of the selected key figures presented here in the chapters Environment & Climate, and Sustainable Construction and Development. More detailed explanations on how the TCFD recommendations are applied can also be found in the chapter Environment and Climate.

Carbon Emissions

The scope of consolidation relevant for calculating carbon emissions was defined in coordination with the scope of consolidation for the other environmental key figures. The carbon emission calculations were based on the greenhouse gas protocol (GHG Protocol), the internationally recognized standard for calculating carbon emissions. Carbon emissions were calculated as CO2 equivalents (CO2e). Carbon dioxide equivalent (CO2e) is a standardized unit to measure the relative contributions of various gases to the greenhouse gas effect. Emissions that harm the climate are not only caused by carbon dioxide (CO2), although it is the most well-known. Other gases, such as methane (CH4) and nitrous oxide (N2O), are converted to CO2 equivalents using a conversion factor, which simplifies comparability in terms of detrimental effects on the climate. Only the calculations of emission savings (e.g., from modernization and heating renewal projects) are presented in tons of CO2 and not in CO2 equivalents.

We updated the data sources and harmonized the emission factors for the calculation of carbon emissions in the 2020 Sustainability Report. The values for 2021 and 2020 are therefore not directly comparable with figures for previous years.

The CO2e factors from the GEMIS database version 4.95 (2019) and version 5.0 (2020/2021) were predominantly used to calculate the emissions. GEMIS (Global Emission Model for Integrated Systems) is an internationally recognized model for determining energy and material flows with an integrated database. The model calculates life cycles for all processes and scenarios, i.e., it takes into consideration all material steps from primary energy/raw material extraction to effective energy/material provision and also includes the auxiliary energy and cost of materials to produce energy plants and transport systems. The GEMIS data was selected because it is generally accepted, up-to-date and consistent, and was recommended by the Initiative Wohnen.2050 (IW.2050). If other emission factors are applied in individual cases, this is indicated accordingly.


The calculation of carbon emissions in the portfolio is conducted according to the “Financial Control Approach”. Emissions produced as a result of portfolio operations are disclosed under Scope 1 and Scope 2 emissions. This takes into consideration the actual financial control exercised over the portfolio that exists for the majority of the portfolio area or rental units (Germany region: 97%, Austria region: 83%, Sweden region: 100%). For the rest of the portfolio, in which the company holds a minority interest, the carbon emission figures are fully reported under Scope 3. To calculate the market-based emissions from district heating and electricity, we used the providers’ exact emission factors to calculate the emissions.

Business Operations

CO2e factors from the GEMIS database version 4.95 (2019) and version 5.0 (2020/2021) were also applied for the majority of the emissions resulting from business operations. To calculate the market-based emissions from electricity, we used the electricity providers’ exact emission factors to calculate the emissions. To calculate Scope 3 emissions from rail business travel, we used emission factors taken from Deutsche Bahn and Österreichische Bundesbahnen. Business travel and transport are also reported for Sweden for the first time this year. GHG Protocol factors from external travel agencies were applied for flights.

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