Over the last month, a run of REITs—including Duke Realty, American Homes 4 Rent, Kilroy Realty and Hannon Armstrong Sustainable Infrastructure Capital—have inked sustainability-linked financing deals.

Some experts say there's both less and more to it than meets the eye. The arrangements are largely exercises in public relations, according to sources speaking to GlobeSt.com. But it's PR that can pay off with an edge in financing for the real estate companies, reduced risk for lenders, and happier investors for financial institutions.

Not to say that real estate companies and lenders aren't interested in ESG topics. "Sustainability in the build environment has been going on for ages," Etienne Cadestin, founder and global CEO of Longevity Partners, a provider of energy and sustainability advice to property funds, tells GlobalSt.com. "Given that buildings represent more than 40% of global carbon emissions, that's where it's coming from."