"We will continually challenge ourselves and our partners to help create the sustainable standards of tomorrow." 
Virtú believes that being a responsible steward of the environment is not only the right thing to do, but is also good business. With this in mind, we have taken deliberate and immediate steps to identify and integrate solutions for our company that help to address the challenges of climate change while simultaneously enhancing the quality of life for our residents and employees, and improving asset values.
Benefits of increasing our environmental standards:
 Cost Savings - Through the use of new technology and new materials, we are finding opportunities to improve the efficiencies of our properties; efficiencies that have already resulted in reduced costs for both our residents and our business.
Sustainability - By including a measure of "sustainability" in our environmental standards, we believe we can provide healthier environments for our residents and employees, while also making a difference for the greater good by supporting products and practices that conserve natural resources.
Increased Value - We believe being green is not just about responsible stewardship, but is critical for the building of long-term value. We believe properties that are working to be green will be preferred by today's increasingly conscientious consumers as well as our forward-looking investors. Conversely, we believe properties that are slow to adopt green practices will underperform the market.
Some examples of our early successes:
Water Savings - All our properties upon acquisition receive a water usage audit and retrofit as needed to low flow toilets, showerheads, and faucet aerators. This program has already saved us on average 35% in water consumption on twelve retrofitted properties. This in aggregate has saved over 4.6 million gallons of water and an estimated $240,000.
Lighting Retrofit - On select properties we have reevaluated our exterior and interior lighting usage of incandescent bulbs versus compact fluorescents. We have found that a complete exterior retrofit can save over 50% in common area electrical energy costs, and in some cases complete hardware and installation costs can be subsidized through municipalities and utility companies.
Window Replacement - On select properties where a major renovation is planned, we have evaluated the costs of new windows as a component of a property facelift. We have determined that by using vinyl, double-paned, low-e windows, we can reduce interior noise and save energy. A complete retrofit can save over 15% in energy costs, and based on incentives from city and utility companies the complete hardware cost as well as installation can be as reduced by 50%.
Recycling on Property - It is estimated that our multifamily properties generated as much as 4,000 tons of waste prior to the introduction of recycling. By introducing single-stream recycling wherever possible, we anticipate diverting as much as 15-20% of all resident-generated waste from landfills to be reused in more efficient, more sustainable ways.
EnergyStar Appliances - By implementing the adoption of EnergyStar Appliances throughout our portfolio of multifamily properties, we are anticipating a 10-50% decrease in energy and water consumption than standard appliances.
Despite these early successes, we will not rest on our laurels. In addition to other planned initiatives, we are working to adopt the use of non-toxic paints, non-toxic cleaning products, and environmentally-friendly landscaping supplies. We believe that responsible environmental stewardship is an ongoing process of improvement. For the benefit of our residents, our employees, and our investors, we are committed to maintaining a business culture of innovation and long-term market leadership. We look forward to continually improving upon our own environmental standards and finding new ways to achieve measurable results.
We will continually challenge ourselves, as well as our highly valued network of vendors, suppliers, and partners, to help create the sustainable standards of tomorrow.
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