A Letter from Leadership
This report reflects our continued focus on responsible growth, meaningful community impact, and thoughtful stewardship across our portfolio and organization.
Over the years, National Development has built a strong foundation centered on responsible development, longterm thinking, and meaningful community impact. We believe that how we operate matters, from the buildings we develop and manage, to the partnerships we foster, to the way we support our employees, residents, tenants, investors, and communities.
This report provides an update on our ongoing efforts across our portfolio and organization, including our environmental performance, community engagement, employee initiatives, and governance practices. While our portfolio continues to evolve, our focus remains consistent: making thoughtful decisions that create lasting value and contribute positively to the communities where we live and work.
Throughout our history, we have pursued projects and initiatives that reflect this commitment, from redeveloping major brownfield sites and advancing sustainable building practices to supporting nonprofit organizations and community partnerships across the region. We continue to integrate these priorities into our day-to-day operations, investment decisions, and long-term planning.
We recognize that measuring progress across a dynamic real estate portfolio can be complex. Changes in portfolio composition can influence metrics related to energy, water, emissions, and waste from year to year. For that reason, we remain focused not only on portfolio-wide trends, but also on making meaningful improvements at the individual property level.
This work is supported by cross-functional collaboration throughout our organization and guided by a framework that informs our policies, operations, reporting, and decision-making processes. As we look ahead, we remain focused on:
• Expanding data coverage and improving the accuracy of performance metrics
• Advancing sustainability best practices across our portfolio, particularly in new development projects
• Pursuing building certifications and assessments where appropriate
• Supporting employee engagement, philanthropy, and community partnerships
• Fostering a strong workplace culture grounded in respect, collaboration, and opportunity
• Continuing to strengthen our governance practices and organizational accountability
We are proud of the progress reflected in this report and recognize there is always more work to do. We appreciate the many employees, partners, tenants, residents, investors, and community stakeholders who contribute to these efforts, and we look forward to continuing this work together.
Brian H. Kavoogian Chief Executive Officer
About National Development
Our Mission
To create value for our investors and vibrant places for the communities we serve through the vision, discipline and strength of our team
National Development is a vertically integrated real estate investment, development and management company. One of Boston’s leading firms for over 40 years, it invests throughout the Northeast, helping to shape communities across the region through a legacy of transformative properties. The firm has earned a reputation for delivering long-term value by thoughtfully navigating complexity through the creativity and deep experience of its team. National Development has developed and/or acquired more than 40 million square feet across a diverse range of property types and manages over $6 billion of assets through a series of fully discretionary real estate investment funds.
National Development believes that environmental and social considerations are closely connected to long-term economic growth and value creation. These considerations are integrated into our investment approach and asset management strategies across the portfolio, from acquisition through long-term ownership and operations. We believe that thoughtful decision-making, responsible development, and proactive risk management contribute to stronger outcomes for our investors, tenants, residents, employees, and communities.
Environmental Performance
A commitment to sustainability in every phase of an asset’s life cycle
We prioritize sustainability initiatives that enhance the environmental performance of our existing properties, new acquisitions, and development projects. From site selection and design through operations and longterm management, our goal is to improve the experience of our tenants and residents while creating long-term value for our investors.
Sustainable Site Selection & Land Stewardship
National Development is committed to thoughtful site selection and responsible land stewardship throughout the development process. We prioritize opportunities that support long-term environmental sustainability while creating value for the communities in which we invest.
When evaluating development opportunities, we consider a variety of environmental factors, including site conditions, ecological impacts, resiliency considerations, and opportunities for redevelopment.
Our development teams also evaluate opportunities to protect, restore, and enhance natural resources wherever feasible. This includes consideration of floodplains, aquatic ecosystems, native habitats, and other environmental features that contribute to the long-term health and resilience of surrounding communities.
Through thoughtful planning and design, we seek to balance environmental stewardship, community needs, and responsible development practices across our portfolio.
Decarbonization, Building Performance & Resiliency
National Development works to reduce carbon emissions and energy use by prioritizing efficient building systems, transitioning away from fossil fuels where practical, and incorporating sustainable design and construction practices. Our approach includes carbon assessments, green building certifications, and the use of environmentally conscious materials, while balancing performance, cost-effectiveness, and evolving energy and building code requirements.
We incorporate climate resiliency and risk mitigation considerations into each property’s business plan and due diligence process. This includes evaluating both long-term climate
trends and potential climate-related events to support the long-term performance and durability of our assets.
Building Certifications and Assessments
Building certifications play an important role in the construction and real estate industries by providing third-party validation of a building’s performance, sustainability, and occupant experience. These certifications demonstrate that a property has met rigorous standards related to areas such as energy efficiency, environmental responsibility, health and wellness, and operational performance.
By pursuing and achieving these certifications, we enhance the long-term value and marketability of our assets while supporting more sustainable and thoughtfully designed buildings for our tenants, residents, and communities.
National Development remains committed to environmentally responsible development and operational best practices across our portfolio. Through our projects and initiatives, we seek to create high-performing buildings that support long-term sustainability, resiliency, and quality of life.
To date, we have pursued and/or achieved certifications and recognitions through programs including LEED, ENERGY STAR, Fitwel, and WELL Building Standard.
Resource Management
ENERGY CONSUMPTION
We prioritize energy efficiency through measures such as building system upgrades, benchmarking through ENERGY STAR, and the use of building management systems where appropriate. We evaluate energy performance throughout the development, construction, and operational phases of each property and implement energy-reduction strategies as opportunities are identified.
WATER CONSUMPTION
We regularly assess water use across our portfolio and identify opportunities to improve efficiency and reduce consumption. Water-saving fixtures and systems are routinely incorporated during tenant turnover, renovations, and new development projects, with water conservation considered throughout both construction and ongoing operations.
WASTE MANAGEMENT
We are committed to reducing waste through responsible development, construction, and operational practices that support reducing, reusing, and recycling materials in accordance with applicable regulations and guidance. We also promote recycling and waste reduction among building occupants through tenant resources, fit-out guidelines, and construction best practices.
Transportation & Mobility
We support more sustainable transportation options across our portfolio through features such as bicycle storage, electric vehicle charging stations, walkable site design, and access to public transit where feasible. Select properties also incorporate shared mobility and car-share options designed to enhance convenience while reducing environmental impact.
Through thoughtful management of energy, water, and waste, we work to improve efficiency, reduce environmental impact, and support long-term asset performance.
Healthy Buildings & Responsible Materials
INDOOR ENVIRONMENTAL QUALITY
We strive to create healthy and comfortable indoor environments for tenants and residents through regular environmental assessments and proactive building management practices that support occupant well-being, comfort, and productivity.
SUSTAINABLE MATERIALS AND PROCUREMENT
We seek to source materials responsibly and prioritize products that reduce environmental impact, support occupant health, and contribute to long-term building performance. We work with suppliers and partners who share our commitment to responsible business practices and sustainable operations.
Resiliency and Sustainability in New Development
CASE STUDY: 15 Necco, Boston, MA
National Development, in partnership with Alexandria Real Estate Equities, developed 15 Necco, a 350,000-square-foot life science building in Boston’s Fort Point neighborhood that is fully leased to Eli Lilly for its Institute for Genetic Medicine.
Designed with sustainability, resiliency, and occupant wellness in mind, the waterfront building incorporates geothermal heating and cooling, photovoltaic solar panels, stormwater harvesting systems, and a range of flood protection measures, including elevated building systems, watertight wall penetrations, self-closing flood barriers, and a 12-inch continuous curb.
15 Necco has achieved LEED Platinum certification, reflecting the project’s focus on high-performance design and environmental stewardship.
The project also includes publicly accessible spaces, pedestrian connections, exterior seating, waterfront views, and a public work lounge featuring a rotating art program curated by ArtLifting, a nonprofit organization that represents artists with disabilities.
In 2026, a floating wetland habitat was added adjacent to the property to support climate resilience and ecological health along Boston’s waterfront. The floating “island” helps create habitat, improve water quality, and demonstrate how urban waterfront development can incorporate innovative nature-based solutions.
Core and shell certiciation
Fossil fuel reduction created from geothermal heating and cooling
Renewable electricity from on-site and off-site sources
99 COOLIDGE recently achieved LEED Gold and Fitwel certifications
Environmental Metrics & Performance
Reliable and comprehensive performance data is essential to measuring environmental performance and identifying opportunities for continuous improvement. As our portfolio evolves, expanding visibility into environmental performance remains a key priority, enabling more informed decisionmaking, performance benchmarking, and resource allocation across our assets.
12% HIGHER data collection average than the benchmark.
100% ENERGY, GREENHOUSE GAS AND WATER COVERAGE across Healthcare, Senior Housing, Hotel, and Office sectors.
13% INCREASE IN GRESB SCORE from prior year for stabilized portfolio.
83% FULL DATA COVERAGE across all asset classes.
40% INCREASE OVER BENCHMARK IN BUILDING CERTIFICATIONS, achieving more than 5x increase in certifications for stabilized portfolio.
EXCEEDING BENCHMARK IN ALL KEY DATA METRICS – electricity, GHG, water and waste.
National Development continues to enhance environmental reporting across its portfolio, strengthening our ability to track energy consumption, greenhouse gas emissions, water use, and other key performance indicators.
Social Impact
At National Development, we believe strong communities start with strong relationships.
Whether through employee engagement, volunteerism, charitable giving, or industry involvement, we are committed to making a positive impact in the places where we live and work. Each year, we support nearly 60 nonprofit organizations through financial contributions, pro bono expertise, and volunteer efforts that help strengthen communities and create opportunities for others.
People & Culture
Driven by purpose and passion, our team of nearly 250 professionals brings together a wide range of experiences, perspectives, and expertise, united by a shared commitment to our mission and values. National Development believes that diverse perspectives strengthen our organization, enhance decision-making, and contribute to stronger outcomes for our employees, partners, and communities. We are committed to fostering a workplace culture grounded in respect, collaboration, opportunity, and shared success.
Employee Communication & Engagement
At National Development, we believe engaged employees are essential to our long-term success. We strive to create an environment where employees are informed, supported, and empowered to contribute both professionally and personally. Through ongoing communication, professional development opportunities, wellness resources, and community engagement initiatives, we work to foster a positive and connected workplace culture.
INTERNAL COMMUNICATION
Employees receive regular company communications that provide updates on business initiatives, corporate responsibility efforts, volunteer opportunities, professional development resources, and company events. Our internal newsletter, Space Matters, helps keep employees informed and connected throughout the year. In addition, National Development’s annual company meeting brings together employees from across the organization to celebrate achievements, strengthen relationships, and gain insight into the firm’s strategy, priorities, and plans for the future.
WELL-BEING & SUPPORT
We are committed to supporting employees through a broad range of resources designed to promote overall well-being. Available programs include wellness coaching, mental health counseling, financial and legal assistance, parenting support, adult and elder care resources, and educational reimbursement opportunities. We regularly gather employee feedback to help ensure our programs continue to meet evolving needs.
In 2026, National Development launched the Heart of Gold Fund, an employee assistance fund designed to provide direct financial support to employees experiencing unexpected hardships. The fund reflects our commitment to supporting employees during life’s challenges and fostering a culture of care across the organization.
PROFESSIONAL DEVELOPMENT
National Development invests in the growth and development of its employees. Team members have access to on-demand training covering workplace wellness, technical skills, cybersecurity, and professional development topics, as well as leadership development opportunities through external partners and industry organizations.
HEALTH & WELLNESS
Supporting the physical and mental wellbeing of our employees remains a priority. We offer comprehensive health, dental, and vision benefits, along with wellness-focused programs and resources. Employees also have access to an on-site fitness center, fitness and weight-loss reimbursements, wellness incentives, and discounted alternative health services, including massage therapy and acupuncture. We regularly evaluate our benefits offerings to ensure they remain competitive and responsive to employee needs.
In 2026, National Development launched the Heart of Gold Fund to support employees experiencing unexpected hardships.
EMPLOYEE ENGAGEMENT
Beyond the workplace, employees are encouraged to participate in various volunteer activities, fundraising initiatives, and company-sponsored events that strengthen connections with colleagues and the communities we serve. Annual traditions such as our cornhole tournament and company softball game provide opportunities for employees to connect and build relationships across the entire organization.
Community service is also an important part of employee engagement. Employees participate in initiatives such as our annual Habitat for Humanity Playhouse Build, Habitat for Humanity’s Women’s Build event, and an annual donation drive benefiting Rosie’s Place, which provides support and services to women experiencing homelessness and poverty. Together, these efforts help strengthen our communities while fostering a culture of collaboration, service, and shared purpose.
Community Impact
Supporting the communities where we live and work has long been a core part of National Development’s culture and values. We believe strong communities are built through meaningful partnerships, active engagement, and a commitment to making a positive impact beyond the buildings we develop and manage.
Through financial contributions, volunteerism, pro bono expertise, and community partnerships, we support a wide range of nonprofit organizations and initiatives each year. We are proud to partner with organizations such as Heading Home, Building Impact, the Community Foundation for MetroWest, and many others that are making a meaningful difference throughout the region.
National Development is committed to investing our time, talent, and resources in ways that create lasting value. By working collaboratively with local organizations and community leaders, we strive to be a thoughtful and engaged partner in the neighborhoods, cities, and towns where we operate.
Heading Home
National Development provides employees with opportunities throughout the year to engage in volunteer activities that support local nonprofit organizations and strengthen the communities we serve.
National Development has partnered with Heading Home for many years. In 2026, more than 70 National Development and Cranshaw Construction employees participated in a Day of Service with Heading Home, one of Greater Boston’s largest providers of housing and support services for individuals and families experiencing homelessness. Volunteers worked across three future Heading Home residences, helping prepare the properties for incoming residents through landscaping, planting, weeding, exterior improvements, and the construction of play structures for children.
Employees contributed both their time and tools, with additional tools donated to the homes for future use. The company also provided outdoor toys and recreational equipment to help create welcoming outdoor spaces for future residents and families. Together, these efforts helped prepare safe, comfortable homes for individuals and families beginning a new chapter.
participated in the 2026 Heading Home Day of Service
Heading Home residences improved and prepared
Pan Mass Challenge
What began as a small group of dedicated employee riders has grown into one of the firm’s largest community impact initiatives. In 2026, more than 20 National Development and Cranshaw Construction employees will participate in the Pan-Mass Challenge, training, riding, and raising funds in support of Dana-Farber Cancer Institute and its mission to advance cancer research and patient care.
The event reflects our employees’ commitment to making a meaningful difference both inside and outside the workplace. Through their fundraising efforts and participation, the team is helping support an organization that has impacted countless families throughout New England and beyond.
employees participating in the 2026 Pan-Mass Challenge, raised $180,000 for Dana Farber in 2025
nonprofits supported annually
Arts, Culture & Placemaking
National Development believes that art, culture, and thoughtfully designed public spaces play an important role in creating vibrant communities. Through public art, placemaking initiatives, and creative partnerships, we seek to create environments that foster connection, support local artists, and enhance the experience of residents, tenants, employees, and visitors.
One of the most visible examples is Underground at Ink Block, a public art destination that transforms formerly underutilized space beneath Interstate 93 into a dynamic community gathering place. Featuring large-scale murals by local, national, and international artists, the park has become a unique cultural amenity for residents and visitors while supporting artistic expression in the public realm. The addition of recreational amenities, including pickleball courts, has further enhanced the space as a destination for community activity and engagement.
In 2026, National Development partnered with Massachusetts College of Art and Design (MassArt) to commission original artwork for the newly renovated Midtown Hotel. Through a competitive process that attracted more than 50 submissions, students and emerging artists were invited to interpret the theme “Unconventional Boston” through a variety of media, including painting and photography. The resulting collection is permanently displayed throughout the hotel, providing artists with valuable professional experience while introducing guests to unique perspectives on Boston and its neighborhoods.
Together, these initiatives reflect our belief that art, culture, and thoughtfully activated public spaces contribute to stronger communities and more engaging places to live, work, and gather.
Tenant & Resident Engagement
National Development strives to create engaging environments that support the well-being, connection, and experience of our tenants and residents. Across our office, retail, multifamily and senior living properties, we offer programming and amenities designed to foster community, promote wellness, and activate the places where people live, work, gather, and connect.
At The District in Burlington, Massachusetts, National Development partnered with Green City Growers to create and maintain an employee garden for tenants. Located outside 800 District Avenue, the garden provides opportunities for tenants to gather throughout the growing season to plant, maintain, and harvest fresh produce while learning sustainable gardening practices. The program promotes wellness, community engagement, and environmental stewardship while creating a unique outdoor amenity for those who work at The District.
National Development also hosts community-focused events that bring people together and activate public spaces within our properties. In 2025, Meadow
Walk in Sudbury welcomed several hundred attendees to a community Movie Night, creating an opportunity for residents, neighbors, and visitors to gather and enjoy the property in a fun and engaging setting. Events like these help foster a sense of connection and community while enhancing the overall experience of our mixed-use destinations.
Many communities offer at least one resident event each month, with some hosting multiple events each week. To enhance the resident experience, we partner with organizations such as Green City Growers, Bark Buildings, Building Impact, and Flamingo to provide engaging programming and services tailored to resident interests.
Resident feedback plays an important role in shaping the experience at our communities. Through regular resident satisfaction surveys conducted by J Turner Research, we monitor resident engagement and sense of community. In 2025, National Development achieved a resident community score of 80.93 compared with the national average of 63.42.
Building Impact
CASE STUDY: Volunteer Events and Drives
• Accessible STEM Learning kits
• Back to school drive
• Blood drive
• Book drive
• Camper care packs
• Comfort and community bundles
• EmpowHer Leadership kits
• Environmental Discovery Packs
• Holiday Bundles
“Because
of people like you who put in tremendous effort and care into sponsoring this drive, we can provide young patients with the lifesaving treatment and care they need.”
Molly McDermott, Recruitment Program Manager at Brigham and Women’s Hospital
Industry Engagement
National Development believes that strong communities and a strong real estate industry are built through leadership, collaboration, and the sharing of expertise.
Employees serve in leadership roles across organizations including NAIOP, CREW, the Massachusetts Apartment Association, REFA, and BOMA. Team members also regularly participate as speakers, panelists, and contributors at industry conferences, educational programs, and professional events throughout the year.
Beyond industry organizations and events, National Development actively engages in local and state policy discussions related to housing, economic development, sustainability, transportation, and other issues that influence the built environment. In recognition of the firm’s longstanding commitment to the industry and broader community, National Development was honored with REFA’s Swain Distinguished Service Award in 2025.
Leadership roles with NAIOP, CREW, REFA, BOMA, ULI and the Massachusetts Apartment Association
Leadership of the NAIOP Women’s Forum
Board and committee service across leading industry organizations
Speaking engagements and panel participation throughout the real estate industry
Active engagement in local and state policy discussions impacting the built environment
Recipient of REFA’s Swain Distinguished Service Award (2025)
Governance
Strong governance is essential to National Development’s long-term success.
Through leadership oversight, ethical business practices, risk management, and accountability, we strive to operate responsibly, make informed decisions, and create longterm value for our investors, tenants, residents, employees, and communities.
Leadership & Oversight
Corporate responsibility efforts are guided by senior leadership and supported through cross-functional collaboration across the organization. National Development’s Corporate Responsibility Committee includes representatives from development, asset management, property management, marketing, and human resources and helps guide reporting, performance measurement, and the advancement of corporate responsibility initiatives.
The committee is co-led by Chief Executive Officer Brian Kavoogian and Erika Clarke, Senior Vice President of Commercial Property Management, helping ensure alignment between the firm’s business objectives and corporate responsibility priorities.
Ethics & Integrity
National Development is committed to conducting business with integrity, professionalism, and accountability. Our Employee Handbook and internal policies establish expectations related to ethical conduct, compliance, workplace behavior, conflicts of interest, and responsible business practices.
We seek to foster strong relationships with vendors, contractors, consultants, and business partners built on trust, transparency, and mutual respect. We work with partners who share our commitment to ethical business practices, worker safety, regulatory compliance, and responsible business conduct.
Cybersecurity & Risk Management
Protecting company, employee, tenant, resident, and investor information is a critical component of our risk management strategy. National Development maintains technical and physical safeguards designed to protect against cybersecurity threats, including firewalls, malware protection, system monitoring, and access controls.
Employees participate in regular cybersecurity training and phishing awareness exercises to help identify and mitigate emerging risks. We also maintain business continuity and incident response procedures and conduct periodic assessments to evaluate and strengthen our cybersecurity posture.
Beyond cybersecurity, risk management considerations are integrated throughout our business, including development, operations, environmental performance, community engagement, workplace safety, regulatory compliance, and governance practices. Through ongoing assessment and monitoring, we seek to identify potential risks and opportunities that could impact the long-term performance and resilience of our portfolio.
Performance Measurement & Benchmarking
National Development utilizes performance measurement, benchmarking, and reporting tools to evaluate progress and identify opportunities for continuous improvement. We participate in GRESB, a globally recognized real estate benchmarking framework that provides performance measurement and peer comparison data for the real estate industry.
By measuring our performance and comparing results against industry peers, we are able to better understand risks, identify opportunities, and support informed decision-making across our portfolio and operations.
National Development incorporates risk management considerations throughout the acquisition, development, operation, and management of our assets. Areas of focus include environmental performance, cybersecurity, community engagement, workplace safety, regulatory compliance, and responsible business practices.
Look Ahead
National
Development remains committed to continuous improvement across our portfolio, operations, and communities.
As we look ahead, we will continue to focus on initiatives that enhance environmental performance, strengthen our workplace culture, support the communities where we live and work, and reinforce strong governance practices throughout our organization.
The
priorities we are continuing to advance include:
Expanding performance measurement and reporting across our portfolio
Advancing sustainability and resiliency best practices in new development and existing assets
Pursuing building certifications and assessments where appropriate
Supporting employee engagement, well-being, and professional development
Continuing our commitment to philanthropy, volunteerism, and community partnerships
Strengthening governance, risk management, and cybersecurity practices
Creating vibrant places that enhance the experience of tenants, residents, employees, and the broader community
We recognize that meaningful progress requires ongoing collaboration, innovation, and accountability. We look forward to building on the work highlighted throughout this report and continuing to create lasting value for our stakeholders.
