Energy efficiency is nowadays one of the main targets for reaching sustainable economic growth in the medium long term. Real Estate is one of the main drivers of pollution, and more responsible investments may represent a reasonable strategy for reducing the negative impact on environment.

Empirical analysis on the characteristics of real estate assets by REITs may allow identifying if market recognizes a premium or a penalization due to more responsible investment in the real estate industry. Results on a worldwide diversified sample show that currently there is no premium for investing in green oriented REITs and there is not a financial incentive related to REITs’ portfolios characterized by lower energy consumption and more usage of renewable energy.