Centri’s Mihir Jhaveri & Michael Mastruzzo Featured in NJBIZ: Unlocking the Potential of ESG in Real Estate

Centri’s Mihir Jhaveri, Managing Director & ESG Practice Leader, and Michael Mastruzzo, Managing Director & Real Estate Practice Leader, recently contributed to an article featured in NJBIZ magazine.

The article highlights the importance of real estate businesses integrating Environmental, Social, and Governance (ESG) frameworks into their operations. Despite challenges such as economic difficulties and unclear regulations, companies need to reassess their mindset and prioritize ESG to enhance profitability and mitigate risks in the long term.

Real estate entities have the opportunity to positively impact the environment and society, attracting higher-quality tenants and increasing profitability through ESG integration. Stakeholders, including tenants and regulators, expect organizations to align with their values and report on ESG goals. While there may be concerns about costs, inconsistent reporting, and the lack of mandates and standardized frameworks, regulatory requirements and industry frameworks are emerging, making it necessary for businesses to start their ESG journeys. Additionally, ESG should be viewed in conjunction with risk management, as it can affect asset valuation and attract top talent.

5 ways you can get started on your ESG journey:

  • Set short-term and long-term goals
  • Craft a specific plan with realistic and achievable steps to accomplish those goals
  • Identify the risks of potentially setting unrealistic objectives
  • Develop a plan for monitoring progress and measuring success

Real estate entities should prioritize ESG now to avoid future business and financial risks and capitalize on the potential benefits of ESG programs. Contact Centri’s experts to learn how we can help you get started on your ESG journey.

Mihir Jhaveri, CPA, CIA, CISA, CFE, CITP, CGMA

Managing Director | ESG Practice Leader

Mihir is a Managing Director and ESG Practice Leader at Centri. He has over 15 years of experience helping large Fortune 500 publicly-traded and private companies drive process improvement, minimize company risks, and enhance corporate governance. He has significant experience managing audits and advisory projects, including Sarbanes-Oxley (SOX) 404 Compliance, financial, operational, IT, and system implementation reviews.

Michael Mastruzzo, CPA

Managing Director | Real Estate Practice Leader

Michael is a Managing Director and Real Estate Practice Leader at Centri. He has more than 18 years of experience in guiding clients with investment vehicles which report pursuant to Financial Accounting Standards Board (FASB) 946, Investment Companies or the National Council of Real Estate Investment Fiduciaries (NCREIF), and Pension Real Estate Association (PREA) Reporting Standards. Michael has guided clients through challenges that involve accounting for complex lease transactions, purchase accounting pursuant to FASB ASC 805, Business Combinations, and evaluation of variable-interest entities and consolidation pursuant to FASB ASC 810, Consolidations.

About Centri Business Consulting, LLC

Centri Business Consulting provides the highest quality advisory consulting services to its clients by being reliable and responsive to their needs. Centri provides companies with the expertise they need to meet their reporting demands. Centri specializes in financial reportinginternal controlstechnical accounting researchvaluationmergers & acquisitions, and CFO and HR advisory services for companies of various sizes and industries. From complex technical accounting transactions to monthly financial reporting, our professionals can offer any organization the specialized expertise and multilayered skillsets to ensure the project is completed timely and accurately.

For more information, please visit www.CentriConsulting.com

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