ESG? The topic, more specifically the environmental part, has become important to CRE investors and more broadly as well. There's been "exponential growth in ESG and impact investing—due in large part to increasing evidence that business strategy focused on material ESG issues is synonymous with high quality management teams and improved returns," according to the NYU Stern Center for Sustainable Business.

But liking franks and beans doesn't mean that you'd be happy with it three times a day. A lot of investors are showing, through their actions, that while they approve of ESG in general, their devotion might have limits.

Not to suggest that shareholders aren't completely averse to taking actions that have teeth. According to the proxy preview released in mid-March by the groups As You Sow, the Sustainable Investments Institute (Si2), and Proxy Impact, at that point there had already been 529 filed shareholder ESG-related resolutions for the year. They included some early major wins on the advisory motions, including a 70% vote among Costco's investors to adopt net-zero greenhouse gas reduction targets and 95.4% in favor at Jack in the Box on a report addressing plastic packaging.