CASE STUDY

$120B real estate investment firm captures and syncs tenant-controlled utility data to Energy Star in 60 days

The Challenge
A US owner and operator of community, power, and grocery-anchored centers was recovering only 26% of water costs due to their utility provider’s lack of visibility over tenant usage, opaque billing methods, and reliance on sporadic manual readings.
The Outcome
Using Enertiv, they increased their water cost recovery from 26% to 100% across nine buildings in less than five months, resulting in over $218,000 in incremental revenue and a $3,000,000 increase in property value.

Context

As a global real estate investment firm with assets under management of over $115 billion, the portfolio spans multiple asset classes, geographies and positions in the capital stack.

Since 2020, Enertiv had been an integral partner in the office product, helping to replace over 53 unique software vendors onto one consolidated platform across 50 assets and delivering over $1.2M in operating expense savings (translating to over $23M in asset value).

Recently the firm asked Enertiv whether they could help in their industrial portfolio as well.

That was on August 3rd, 2022.

Problem

Due to pressure from the capital markets, as well as upcoming regulatory changes, the firm needed to report on carbon emissions.

The challenge is that the industrial portfolio is triple net leased. Tenants pay for their own utility bills and therefore own the data. Attempts to ask for data sharing had been slow and spotty.

Enertiv put together a proposal for shadow metering. Compared to the deployments in the office portfolio, which included BMS integration, equipment-level monitoring, air quality and occupancy tracking and replacing multiple workflows, the scope of work for industrial was straightforward.

Strategy

In partnership, it was decided to focus on a strategically important group of assets in the Salt Lake City submarket.

Pricing was established and the contract was signed. This kicked off Enertiv’s digitization and installation process.

Results

By October 2nd, only 60 days after the initial conversation, Enertiv had created a digital repository for all metering information, completed installation of the shadow meters, and deployed networking to flow data into the cloud in real time.

At the same time, Energy Star Portfolio Manager accounts were set up and synced with the data in Enertiv.

Following landlord setup, each tenant was provided with a dedicated tenant portal to view their real-time consumption.

What’s Next
Given the speed of deployment, and the practicality of the solution to an acute challenge, the firm is looking to roll out shadow metering across their US and European industrial portfolio.

In addition, now that tenant data has been baselined, Enertiv’s analytics are providing tenants with real-time alerts and insights when normal schedules are violated or optimization are identified.