National Development 2022-2023 ESG Report

ESG Environmental, Social & Governance

2022-2023 REPORT

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National Development | 2022 - 2023 ESG Report

Contents A Letter from Leadership 4 About National Development 6 Our ESG Story 8 Environmental 10 Environmental Overview 12 Project Spotlight: Sustainability and Resiliency at 15 Necco 14 Building Certifications 16 Metrics and Performance: Data Coverage 18 Social 20 Our Commitment to DEI 22 Community Impact 24 Project Spotlight: Empowering Community with More Than Words 26 Employee Engagement 28 Tenant and Resident Engagement 30 Industry Engagement 32 Governance 34 Our ESG Program 36 Why GRESB 38 Risk Management 39 Risk Management in Development 40 Looking Forward 42

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National Development | 2022 - 2023 ESG Report

National Development | 2022 - 2023 ESG Report

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A Letter from Leadership “Through our actions and the processes embedded in our decision-making governance, we are demonstrating that we are committed to doing our part in building a greener, more vibrant, diverse, and inclusive environment.”

National Development has long been dedicated to the principles of corporate responsibility and the pursuit of best practices as it relates to environmental and sustainability matters.

We have long believed that focusing on the factors that comprise Environmental Social and Governance or “ESG” creates long-term value for our investors, tenants, residents, employees, and the communities in which we work. From the redevelopment of major brownfields sites, to the first LEED Gold certified apartment building, the creation of the City of Boston’s largest solar installation and the board leadership roles that our employees have played in many of the region’s non-profit institutions, our firm has been a leader.

By integrating ESG principles into our business decisions and operations, we aim to reduce our environmental impact, enhance our social contributions, and ensure strong governance practices. Through our actions and the processes embedded in our decisionmaking governance, we are demonstrating a commitment to doing our part in building a greener, more vibrant, diverse, and inclusive environment.

Since formally launching our ESG program in 2019, our ESG Leadership Committee has been the driving force behind National Development’s ESG initiatives, communications plan and the preparation of our annual GRESB submission. To achieve our ESG goals, we have established a comprehensive ESG framework that guides our policies, processes and practices across our portfolio. I am pleased to report that we have made significant progress in all areas. Our recent 2023 GRESB score shows a 36% increase year over year.

It is important to note that with an evolving and dynamic portfolio, we will often face challenges in our ability to show our environmental progress on a portfolio level. Major shifts to our portfolio composition will always have an impact on our energy, water, GHG, and waste usage – sometimes favorably and sometimes not. We are focused on making meaningful progress at the individual property level.

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National Development | 2022 - 2023 ESG Report

As we progress on our ESG journey, we are committed to the following goals: •

Continuing to improve our data coverage so we can more accurately measure, and therefore optimize, our energy, GHG, waste and water use.

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Maintaining our dedication to philanthropy and community betterment.

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Improving the environment around us, both in the communities in which we invest and build and in the workplace.

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Continuing our focus on DEI and employee wellness initiatives, to which we credit our extremely low employee turnover.

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Implementing our newly launched Development Best Practices to ensure all appropriate measures are taken to prioritize sustainability – including targeting a variety of certifications (LEED, WELL, fitwel) for our new developments.

We welcome your feedback and suggestions on our ESG performance and communications and invite you to collaborate with us on our ESG journey. By working together, we can create a more sustainable, resilient, and prosperous future for our many stakeholders.

Brian H. Kavoogian Managing Partner

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About National Development National Development is a Boston-based vertically integrated real estate investment, development, construction and asset management firm.

We work closely with our partners and stakeholders to create vibrant and interesting places.

Through over 300 investments and nearly forty years of experience, we have become part of the communities in which we work. Our local knowledge and relationships combined with our understanding of the global capital markets results in exceptional projects and attractive investments.

At the core of National Development’s values is an understanding that environmental and social issues have real linkages to economic growth. We also recognize that ESG factors play a material role in determining risk and return. To that end, ESG considerations are part of the underwriting process and asset management strategy on every investment both during the acquisition process and throughout the hold period.

National Development values all perspectives and strives toward inclusivity because we believe that equal opportunity and shared success strengthens both our firm and our community. We are actively pursuing several improvements that move us toward meaningful, long-term, sustained change. We are committed to fostering diversity, equity, and inclusion through the many ways that we create, build, and impact the communities in which we live and work.

Our Mission Statement We turn projects into communities. We work collaboratively as long-term partners, creating value for our investors and enhancing the neighborhoods in which we build.

With regard to the many factors that comprise ESG, National Development strives to act in the best long-term interests of our investors, tenants, residents, employees, and the communities in which we work.

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National Development | 2022 - 2023 ESG Report

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Our ESG Story Throughout our firm’s nearly 40-year history, our work has shown dedication and diligence to the principles that comprise what is now known as ESG. Environmental impact is at the forefront of every National Development project. We have paved the way for innovation in sustainability throughout the years across many asset types and continue to address important issues such as resiliency and carbon-footprint reduction.

Engaging Conservice

Materiality Assessment

To access their expert guidance, empowering us to effectively integrate and optimize environmental, social, and governance practice while enhancing sustainability, stakeholder relations, and long-term value in our operations

We conducted a materiality assessment to identify and prioritize the most significant environmental, social, and governance issues for National Development

FEB 2020

Announcing Our Intentions

OCT 2019

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ESG was announced as a major company initiative at our 2020 Annual Meeting to be spearheaded by Erika Clarke, SVP of Commercial Property Management

National Development | 2022 - 2023 ESG Report

JUN 2021

Our efforts to formalize our ESG initiatives began in 2019 when we engaged our ESG partner, Conservice. Since then we have vastly grown our efforts, forming an ESG Committee, appointing a Director of ESG, and developing ESG policies and best practices. Recently, we completed our second GRESB submission. We are proud of the work we have done since 2019 and will continue to prioritize our ESG efforts.

Forming Our ESG Committee

JUL 2022

The ESG Committee includes members of the Asset Management, Development, HR, and Marketing department. The group meets regularly to help set and achieve ESG-related goals

Our First GRESB Submission In 2022 we participated in our first GRESB submission. This was an informative experience, and helped us enhance our understanding of where resources needed to be allocated

DEC 2022

JUL 2023

Our Second GRESB Submission Building on the knowledge gained from last year’s submissions, as well as implementing some new practices, this past year we participated in our second annual GRESB submission process, which yielded strong, positive results

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Environmental Social Governance A commitment to sustainability in every phase of an asset’s life cycle We prioritize sustainability projects that enhance the environmental performance of our existing assets, new acquisitions, and newly constructed assets to improve the quality of life for our tenants and residents while maximizing investor returns.

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Environmental Overview We have a comprehensive approach to sustainability and resiliency with policies, best practices and guidelines implemented throughout the development and lifecycle of each asset.

Climate Change Adaptation We incorporate risk-mitigating and ESG-related diligence into each property’s business plan, considering both long-term changes in climate conditions and climate-related events.

Energy Consumption We prioritize proactive measures such as efficiency upgrades and the utilization of building management systems and/or benchmarking properties through ENERGY STAR. Energy consumption alternatives are considered for both the construction phase as well as for operations of the property post completion. Throughout each asset’s life cycle we review the energy-consumption metrics and implement energy-reduction strategies as appropriate.

Water Consumption We are continuing to audit water use and to identify opportunities to reduce consumption.

We routinely install water-efficient products and systems upon tenant turn-over, major renovations, and new development. In our ground-up developments, all projects consider water consumption alternatives for both the construction phase as well during the operation of the property post completion.

Waste Management We are committed to using best practices in both development and daily operations to reduce, reuse, and recycle materials, consistent with municipal, state, and federal rules and guidance. We promote increased recycling practices of building occupants, providing recycling information via a tenant fit out guide, as well as a development and construction best practices manual.

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National Development | 2022 - 2023 ESG Report

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Resiliency and Sustainability in New Development Case Study: 15 Necco, Boston, MA National Development, in partnership with Alexandria Real Estate Equities, is developing a 350,000 SF life science building that is fully leased to Eli Lilly for their new Institute for Genetic Medicine.

As part of our goal to work towards increased sustainability and carbon-neutral projects, numerous measures were incorporated into the design, placement and infrastructure of the waterfront building to foster resiliency, reduce energy consumption and promote wellness for the building occupants.

The building’s design includes multiple features to meaningfully reduce fossil fuel use, including geothermal heating and cooling, photovoltaic solar panels, as well as storm-water harvesting mechanisms. 15 Necco also includes a series of resiliency features including seat walls and self-closing flood barriers, increased elevation, watertight wall penetrations, and a 12-inch continuous curb for added flood protection.

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Project Highlights

96%

Reduction in emissions

LEED Gold

Core + shell certification being targeted

74% 100%

Fossil fuel reduction created from geothermal heating and cooling

Renewable electricity from on-site and off-site sources

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Building Certifications Building certifications hold significant importance in the construction and real estate industries, serving as vital indicators of a structure’s quality, sustainability, and overall performance. These certifications provide assurance to stakeholders, (including investors, tenants and the public), that a building has met rigorous standards in areas such as energy efficiency, environmental responsibility, occupant health and safety.

By pursuing and achieving these certifications, we not only enhance the marketability and value of our assets, but also contribute to a more sustainable and healthy environment, aligning with evolving societal expectations for responsible and forward-thinking design and construction practices.

National Development is deeply committed to sustainability and the well-being of future generations. Through our initiatives and practices, we prioritize environmentally responsible development to ensure a sustainable legacy that safeguards our planet and enhances the quality of life for current and future generations.

To date, we have pursued and/or achieved awards in LEED, Energy Star, fitwel, and WELL Building.

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99 Coolidge, targeting LEED Gold and fitwel certifications

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Metrics and Performance: Data Coverage Data coverage within performance metrics is a critical aspect of assessing the health and success of any business or investment portfolio. This refers to the extent to which relevant data is available and incorporated into performance measurement processes, as well as future planning and resource allocation. In the context of our diverse portfolio, data coverage becomes even more critical as it significantly impacts decision-making and risk management.

Energy data coverage: 23% increase 2021 2022

GHG data coverage: 20% increase 2021 2022

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Water data coverage: 39% increase 2021 2022

Waste data coverage: 63% increase 2021 2022

Key Stats on Data Coverage:

36% 100% Increase in data coverage portfolio wide from 2021 to 2022

Data coverage achieved in our hotel portfolio

Increase over 2022 data coverage target

Data coverage portfolio wide for water consumption

15% 96%

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Environmental Social Governance Our dedication to social programs is a fundamental part of our DNA The firm supports over 100 organizations annually, through volunteer efforts, pro bono project management and financial contributions. We are committed to fostering diversity, equity and inclusion in all of our firm’s activities.

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National Development | 2022 - 2023 ESG Report

National Development DEI Steering Committee

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Our Commitment to DEI Driven by purpose and passion, our team of nearly 250 comes from diverse backgrounds but is unified in our commitment and vision. National Development values all perspectives and strives toward inclusivity because we believe that equal opportunity and shared success strengthens both our firm and our community. We are committed to fostering diversity, equity and inclusion in all of our firm’s activities.

In 2019, we launched a formal DEI initiative with an eight-week senior-level workshop and the creation of our DEI Steering Committee. We have identified four primary areas of focus – serving as the embodiment of our DEI mission: culture, hiring, philanthropy and procurement.

Our Dedication to Philanthropy We share a fundamental desire to make a positive impact on society and contribute to the welfare of others. We support, listen, invest in and honor programs in the communities in which we operate. National Development has partnered with the Pension Real Estate Association Foundation and SEO Career (Sponsors for Educational Opportunity) to continue developing and placing a pipeline of Black, Hispanic, and Native American interns and entrylevel candidates at top real estate firms.

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Support We are committed providing communities with meaningful financial support, volunteer hours, philanthropic programs and pro bono services annually.

Listen We work to understand the experiences of our community members so we are able to overcome challenges with solutions beneficial to all involved.

Invest We invest our time, talent and experience. Through our resources and long-standing relationships, we can make a profound impact.

Honor We respect the neighborhoods, cities, and towns in which we build. We are an active and involved partner, committed to positive change.

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Community Impact We believe in the benefits of a strong community and are dedicated to community involvement and volunteer work. Working collaboratively as long-term partners, we enhance the neighborhoods in which we build and create value for our investors.

Days of Service Every year, we offer a series of Days of Service in which our employees can participate.

National Development has a long-standing relationship with Heading Home, one of the region’s largest providers of short term and long term shelter, which serves nearly 1,500 members of the community. We also have a long-standing partnership with Building Impact, an organization partially founded by National Development, that works nationwide to connect companies with nonprofit organizations.

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National Development | 2022 - 2023 ESG Report

A Passion for Public Art The mural program at Underground began soon after the park opened in 2017. The first installation of nine murals set the tone for the park as a creative, energetic, cultural attraction and a place that welcomes everyone.

The second installation of ten murals in June 2019 expanded the program with both local and international artists and engaged the highway infrastructure in even more unique and surprising ways. In 2020 the murals titled “Don’t Let Me Be Misunderstood” and “No Weapon Formed Against Thee Shall Prosper” were added to the park, for a total of 21 murals.

Underground at Ink Block continues to be a thriving public art park. In September 2023, a pickle-ball court was added to further promote the use of the space.

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Empowering Local Nonprofits

Case Study: More Than Words, Boston, MA National Development donated time and professional expertise as the project and construction manager for the expansion of Boston-based nonprofit organization, More Than Words.

More Than Words, Inc., is a nonprofit social enterprise that empowers underserved local youth who may be in the foster care system, court-involved, homeless or out of school. More Than Words provides these adolescents and young adults the opportunity to learn valuable skills — running a business and selling books online and in-store. An important component of the expansion was re-locating to the street level, better integrating More Than Words into the community and generating more attention to the organization and its important mission.

The new 10,000-SF first floor space includes a book-processing warehouse, the MTW bookstore, a youth-development space and an event space. Beyond a typical tenant fitout, the construction project included retrofitting the brick-and-beam building space with new slabs, HVAC, curtain wall, custom millwork bookcases, industrial processing equipment, elevator and loading dock.

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Project Highlights

200+ 50k Communities served

by MTW every year

Books housed in just the Boston location of MTW

Increase in MTW footprint totaling over 18,000 SF

Books projected to be processed an increase of 46%

125% 3.5M National Development | 2022 - 2023 ESG Report

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Employee Engagement Our employees have many opportunities to learn about, participate in and contribute to our existing ESG initiatives to enhance their employee experience at National Development.

Frequent Newsletters Employees receive regular newsletters and ESG updates detailing new initiatives or ESGrelated education.

Wellbeing Resources Employees have access to a series of perks including complimentary wellness coaching, financial and legal services, mental health counseling, parenting support, adult and elder care, and educational reimbursement and resources.

On-Demand Digital Training Employees have unlimited access to a series of workplace-wellness, IT/technical, cyber security, and personal development training.

Health and Wellness National Development provides employee health insurance benefits covering physical and mental health, as well as health-related amenities such as on-site fitness centers.

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New hire luncheons, hosted by HR, give new employees the opportunity to meet other coworkers and learn more about the firm from a member of our leadership team

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Tenant and Resident Engagement Tenant Engagement Our tenant engagement programs for our commercial and residential tenants focus on overall wellness with year-round programming.

The District in Burlington, MA, engaged Green City Growers (GCG) to design, install and maintain an Employee Garden. Located on the lawn outside of 800 District Ave., tenants are invited to gather weekly from spring to fall to plant, maintain and harvest organic produce from our on-site garden. GCG also provides exclusively organic, locally-sourced gardening techniques and materials which sustain a healthier ecosystem.

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National Development | 2022 - 2023 ESG Report

Resident Engagement Through a combination of in-house staff and third-party partners, residential properties have a minimum of one event per month (with some having as many as 1-2 per week) to activate our community amenities. Many of our residential properties partner with Green City Growers and other engagement-based solutions such as Bark Buildings, Building Impact, and Flamingo.

Residents are regularly surveyed for their property’s sense of community (via J Turner). In 2022, National Development’s score was 7.54, 20% higher than the National J Turner average.

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Industry Engagement National Development has distinguished itself as one of Boston’s most creative and innovative real estate firms, with a long track record of creating great places in which people want to work and live. Our vertically integrated structure, with discretionary capital and in-house acquisition, development, construction and property management expertise, has earned our firm a reputation for reliably executing thoughtfully conceived projects on time and on budget.

In the realm of ESG, it is essential to recognize that companies are interconnected ecosystems, and relationships with vendors hold significant importance. These partnerships are not merely transactional but are built on a foundation of trust, collaboration and shared values.

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National Development | 2022 - 2023 ESG Report

We recognize the need for transparent and ethical dealings with vendors, ensuring fair labor practices, responsible sourcing of materials and minimizing environmental impacts. By fostering relationships based on trust and collaboration National Development can create a ripple effect of positive influence, driving sustainable practices across our supply chains. In doing so, we not only bolster our own ESG performance, but also contribute to a more responsible global business landscape.

To fully align with the rest of our business, we have recently instituted a comprehensive vendor handbook in our Development section. This handbook demonstrates what is important to us in all departments of our business operations. Our handbook covers many important topics including business ethics and conduct, diversity and inclusion, equal opportunity, and internal policies.

Employee Industry Engagements Brian Kavoogian | Advisory Board Chairman | ULI Boston/New England Andrew Gallinaro | Chairman | ULI Boston Market Council Erika Clarke | Returning to the Office | BOMA | Past President, BOMA | GBREB Chair Ed Marsteiner | The Future of Development | NAIOP MA Jessica Buonopane | What’s Next in Multifamily | GBREB, REFA | President, MAA Lauren Dewey | How PropTech Propels Multifamily Forward | GBREB, MAA Angela Iannuzzi | Cultivating a World Class Tenant Experience | GBREB, BOMA Leah Harsfield | Urban Retail: Rethinking Street Level Experience | ULI Boston/New England Naomi Mayeux | REFA College Connection Panel | GBREB, REFA | REFA Board Member Kathy McMahon | Leadership Council | NAIOP MA

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Environmental Social Governance Our internal policies and governance are the driving force of our success.

Through ongoing training, internal compliance, and reporting we ensure effective controls and competitive peer benchmarking.

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Our ESG Program Our ESG program was established from a sense of purpose and unity among our employees and senior leadership and also to inform strategic direction and decision-making. Moreover, in the context of today’s socially conscious business landscape, core values take on added significance as they underpin our commitment to ethical, sustainable, and socially responsible practices.

Formed in 2022, our ESG Committee is comprised of members from our development, asset management, marketing and HR teams – led by Erika Clarke, the firm’s SVP of Commercial Property Management and Director of ESG, and Brian Kavoogian, Managing Partner.

The committee meets bi-weekly and manages the execution of all ESG initiatives including our GRESB submission, ESG-related corporate communications, and the creation of all ESG content and reporting.

Our greatest strength is our people; approximately 250 team members bring expertise in every aspect of the value creation process across all property categories including office, life science, industrial, retail, senior housing, multifamily and hotel.

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National Development | 2022 - 2023 ESG Report

Our ESG Committee Bailey Amenabar

Associate, Asset Management

Daniel Mora

Brian Kavoogian Managing Partner

Erika Clarke

Senior Project Manager

SVP Commercial Property Management, Director of ESG

Lauren Dewey

Michelle Guarino

Director of Marketing

Human Resources Manager

Our ESG Partners

Conservice ESG helps drive responsible growth with a robust combination of sustainability strategy & a powerful cloud-based ESG platform.

GRESB is an independent organization providing validated ESG performance data and peer benchmarks for investors and managers to improve business intelligence, industry engagement and decision-making.

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Why GRESB? Participating in GRESB can offer numerous benefits to companies, particularly those involved in the real estate and infrastructure sectors. GRESB is an industry-leading benchmark that assesses and benchmarks environmental, social, and governance (ESG) performance of real estate investments worldwide.

As a diversified portfolio, participating in GRESB is a strategic move as we look to enhance our ESG performance and gain a competitive edge in an increasingly sustainabilityfocused marketplace. By aligning our practices with GRESB’s benchmarks, we can contribute to a more sustainable and responsible global real estate industry.

Investor Confidence Many institutional investors use GRESB scores to evaluate the ESG performance of real estate and infrastructure investments. Strong GRESB scores can attract a broader investor base and potentially lower the cost of capital.

Competitive Advantage GRESB participation allows companies to benchmark their ESG performance against their peers. By continuously striving to improve GRESB scores, companies can gain a competitive advantage in the market and differentiate themselves as leaders in sustainability.

Reporting Standardization GRESB provides a standardized framework for ESG reporting, which simplifies the process of providing ESG information to stakeholders. This consistency in reporting makes it easier for investors and partners to evaluate a company’s performance.

Industry Recognition GRESB assessments can serve as a powerful endorsement of a company’s commitment to sustainability and responsible investment.

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Risk Management At National Development, risk management is a crucial business practice we use to identify, assess, and mitigate potential threats and uncertainties that could impact our objectives.

Effective risk management not only helps us protect our assets but also allows us to make informed decisions, optimize opportunities, and enhance our overall resilience in an everchanging business environment.

We recognize that risk management and ESG are intricately intertwined in today’s business landscape. We consider a broad spectrum of risks, encompassing not only financial and operational aspects but also ethical, environmental, and social dimensions.

Risk Management: Cyber Security We utilize technical and physical controls designed to protect against cyber threats, including securing physical assets, and implementing virus definitions, malware protection and firewalls. Employees complete annual cyber security trainings, and our IT department regularly sends simulated phishing attacks to ensure compliance with email best practices. We also have policies in place in the event of employee termination, cyber attack or outage, and we regularly participate in risk assessments specifically to identify cybersecurity threats.

Managing Risk in All Areas of ESG Environmental We have engaged with Conservice ESG on an Environmental Management System (EMS) to track our environmental risk. The EMS is an ISO 14001 aligned platform that tracks total energy, water, waste and scope 1 & 2 GHG emissions. The use of this EMS allows us to reduce our environmental footprint, comply with regulations, and demonstrate our commitment to sustainability.

Social When it comes to reducing social risk, National Development has implemented standards and policies around child labor, community development, customer satisfaction and employee engagement, health and safety of employees and suppliers, as well as stakeholder relations.

Governance Having policies around risk assessments in the governance space allows us to ensure that we operate ethically, transparently, and in alignment with our objectives while mitigating potential issues that could lead to financial, legal, or reputational harm. Our policies include (but are not limited to) those that address potential governance risk such as a zero-tolerance policy, due diligence policies, and a whistleblower policy.

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Risk Management in Development The design and development of new buildings, based upon environmental best practices in sustainability and resiliency, will allow us to have the greatest impact on our portfolio of assets. We recognize that green design has a positive impact on public health and the environment, while also reducing long-term operating costs, increasing occupant productivity and demonstrating a commitment to a sustainable community.

Our focus on green design contributes to a sustainable environment by reducing energy and natural resource consumption while also reducing waste and pollutant byproducts.

Environmental Risk Assessments: National Development is committed to upholding sustainable site selection practices through our acquisition and development efforts. Similarly, we believe that focusing on the protection, restoration and conservation of the ecological functions surrounding our development sites will both foster a positive relationship with communities and stakeholders, and increase the value of our assets.

We are committed to specifying materials and products that are environmentally responsible and providing transparency regarding the harvest and extraction of raw materials in the manufacturing process.

We do this by:

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Placing an emphasis on brownfield sites and redevelopment opportunities

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Establishing site plans that allow us to protect, restore, and conserve aquatic ecosystems and floodplains when possible.

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Identifying opportunities to protect, restore, and conserve habitats for native, threatened, and endangered species

National Development | 2022 - 2023 ESG Report

Social Risk Assessments: Community support in the places where our projects are located is critically important to ensuring the successful delivery of our assets. Commencing with due diligence and extending throughout the entitlement process, National Development is committed to maintaining an open and participatory approach to community engagement.

We accomplish this by considering: •

Integrated planning processes to align and achieve objectives

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The possible connection to multi-modal transit networks

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The potential to restore, create, or enhance areas for public use

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Inclusive design that accommodates individuals of different religions, genders and gender identities, ages, ethnicities and experience levels

Governance Risk Assessments: National Development partners with our third-party project teams, including general contractors, architects, engineers and vendors, to ensure that our negative direct and indirect impact to construction sites is minimized. Our general contracting partners must be aligned with our ESG objectives including business ethics policies, child labor policies, labor standards, human rights policies, and more.

In evaluating the potential impact a project will have on a site, we consider the following: •

Products that comply with the latest Health, Safety & Environment (HSE) legislation

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Clear communication of safety information through multiple mediums

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Timely management of identified safety risk

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Demonstration of safety leadership through established standards and action

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Impact to under-represented groups and ESG Training

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Looking Forward Key Performance Metric: GRESB Score In only our second year submitting to GRESB, our score increased by 36%. This significant improvement demonstrates our dedication to integrating sustainable practices within our real estate portfolio. It also underscores our capacity to adapt and optimize our ESG strategies based on feedback and industry best practices. This impressive boost in our GRESB score provides significant benefits, including enhanced competitiveness, increased attractiveness to environmentally-conscious investors and a clear demonstration of corporate responsibility. It most clearly demonstrates our capacity to drive positive change in the industry while contributing to a more sustainable and resilient built environment for the future.

36% 15% Increase in our GRESB score from 2021-2022

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Increase over 2022 data coverage target

Actions Towards Achieving Our Goals The pathway to enhancing our GRESB score, given its comprehensive coverage of ESG criteria, serves as the catalyst for achieving 90% of our broader ESG objectives. It is crucial to outline the goals that we are advancing towards in 2024: •

Increasing our data coverage for more accurate usage metrics

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Continuing our dedication to philanthropy and pro bono efforts

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Targeting LEED certifications for all new developments

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Maintaining our focus on DEI initiatives, preserving a healthy and inclusive workplace

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Continuing to use sustainability best practices throughout our portfolio, with a focus on new development

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Improving the environment around us, both in the communities in which we build and in the workplace.

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